Ciena narrows 4Q loss on improved revenue
Ciena, a developer of high-speed networking technology, reported Thursday that it narrowed its fiscal fourth-quarter loss on improved revenue.
The quarter's revenue exceeded market expectations, but expenses weighed on its profitability. The company's adjusted loss fell short of analyst forecasts for the period and its shares dropped in trading.
Ciena Corp. posted a loss of $9.8 million, or 9 cents per share, versus $38.8 million, or 39 cents per share, last year. On an adjusted basis, it swung to a profit of 16 cents per share from a loss of 7 cents per share last year. Its revenue jumped 25 percent to $583.4 million from $465.5 million.
Analysts polled by FactSet were anticipating earnings of 18 cents per share on revenue of $568.7 million for the period.
Ciena said it expects revenue between $515 million and $545 million for its fiscal first quarter; analysts were forecasting $537.6 million.
The company also said it plans to move its stock listing to the New York Stock Exchange from the Nasdaq on Dec. 23.