Ciena Reports Q4 Earnings
Investing.com — Ciena's (NYSE: CIEN) shares fell around 5% in premarket trading Thursday after reporting fourth-quarter results that were below market expectations.
The company posted Q4 earnings per share (EPS) of 54 cents, down from 75 cents a year earlier and below the consensus estimate of 65 cents.
Revenue for the period totaled $1.12 billion, a slight 0.5% year-over-year decrease, which was in line with 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 Gary Smith, President and CEO of Ciena.
He added, "As Cloud and AI drive bandwidth demand across the network, we are positioned for accelerated revenue growth and market share expansion moving forward."
Revenue from networking platforms reached $859.0 million, a 2% year-over-year decrease but ahead of the estimated $842.8 million. Meanwhile, Converged Packet Optical revenue increased by 4.2% to $779.6 million, exceeding analysts' expectations of $728.5 million.
However, adjusted gross margin fell to 41.6%, down from 43.7% last year, and below the expected 43.8%.
In addition to the results, Ciena announced the appointment of Lawton W. Fitt as the independent Chair of its Board of Directors, effective December 11, 2024. Patrick H. Nettles, Ph.D., will step down as Executive Chair and retire after his term ends at Ciena's 2025 Annual Meeting of Stockholders, remaining on the Board until then to assist Ms. Fitt's transition.
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