Ciena Drags Down Tech Stocks
Ciena Corp. (NASDAQ: CIEN) said its net loss for the fiscal third quarter narrowed to $29.8 million, or an adjusted net loss of $0.04 cents per share, from $31.4 million in the same quarter of last year. Revenue climbed 8.9%…
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“We continue to win in the market and take share as demonstrated by a solid operating performance in the third quarter,” said CEO Gary Smith. “We are experiencing the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins. However, our approach to the market is working, our OPn architecture vision is gaining traction with customers globally, and our view of the long-term opportunity is unchanged.”
For the fiscal fourth quarter, the company is projecting revenue between $455 million and $480 million. That is well below the consensus forecast of $499.5 million. Investors are not happy with that outlook. Shares are down more than 17% in morning trading to $13.85, in a 52-week range of $9.89 to $ 18.39.
Other networking stocks are also in the red. Cisco Systems Inc. (NASDAQ: CSCO) was down nearly 2% and Alcatel-Lucent S.A. (NYSE: ALU) was more than 2% lower. JDS Uniphase Corp. (NASDAQ: JDSU) retreated about 5% and Juniper Networks Inc. (NYSE: JNPR) lost more than 4%.
The Nasdaq is about 1% lower.
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
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Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
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