Ciena misses 4Q profit forecasts

Associated Press |

HANOVER, Md. (AP) _ Ciena Corp. (CIEN) on Thursday reported fiscal fourth-quarter net income of $1.16 billion.

On a per-share basis, the Hanover, Maryland-based company said it had profit of $7.32. Earnings, adjusted for one-time gains and costs, came to 46 cents per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The developer of high-speed networking technology posted revenue of $744.4 million in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $738.1 million.

For the year, the company reported profit of $1.26 billion, or $7.53 per share. Revenue was reported as $2.8 billion.

Ciena shares have fallen 13 percent since the beginning of the year. The stock has increased nearly 1 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CIEN at https://www.zacks.com/ap/CIEN

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

Lomiko Metals Inc.

Lomiko Metals Inc is an exploration stage company. It is engaged in the acquisition, exploration and development of resource properties. Its projects include Vines Lake project and Quatre - Milles…