By Emily Dattilo
Shares of Ciena were trading lower after the optical networking equipment company reported disappointing quarterly earnings.
For its fiscal fourth quarter ended Nov. 2, Ciena reported adjusted earnings of 54 cents, missing Wall Street's call for 65 cents, according to FactSet. Revenue of $1.12 billion topped the consensus estimate of $1.1 billion.
"Our Q4 revenue and strong order flow reflect our significant and increasing technology leadership and positive industry dynamics," said CEO Gary Smith in a statement. "As Cloud and AI drive bandwidth demand across the network, we are positioned for accelerated revenue growth and market share expansion moving forward."
Ciena stock fell 5.7% to $69.03 in premarket trading Thursday.
Write to Emily Dattilo at emily.dattilo@dowjones.com
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(END) Dow Jones Newswires
December 12, 2024 07:17 ET (12:17 GMT)
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