Ciena Corp CIEN reported a fiscal second-quarter 2024 revenue decline of 19.6% year-on-year to $910.80 million, beating the analyst consensus estimate of $894.94 million.
The American telecommunications networking equipment and software services supplier reported an adjusted EPS of $0.27, beating the analyst consensus estimate of $0.15.
Segments: Total Networking Platforms revenue declined by 26.1% Y/Y to $676.3 million, and Total Global Services increased by 5.4% Y/Y to $134.7 million.
Margins: The adjusted gross margin declined by 20 bps to 43.5%. Adjusted operating margin decreased by 700 bps to 6.8%.
One 10%-plus customer represented a total 13.8% of revenue.
CEO Gary Smith said, “With continued robust growth in bandwidth demand, we remain focused on extending our leadership in optical as a foundation for expanding our addressable market.”
Ciena held $1.42 billion in cash and equivalents and generated $58.5 million in operating cash flow.
During first-quarter print Ciena said it expects fiscal 2024 revenue of $4 billion – $4.3 billion (2024 revenue estimate $4.11 billion) and adjusted gross margin in the mid-40s%.
Price Action: CIEN shares were trading higher by 5.62% at $50.95 at the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
