Ciena Corp. (CIEN) announced its third-quarter earnings, revealing a decline from the previous year but surpassing Wall Street projections.
The company's net income for the period amounted to $14.23 million, or $0.10 per share, compared to $29.73 million, or $0.20 per share, in the same quarter last year.
On an adjusted basis, Ciena Corp. reported earnings of $50.81 million, or $0.35 per share.
Analysts, according to Thomson Reuters, had anticipated earnings of $0.26 per share on average. These estimates typically exclude special items.
The company's revenue for the quarter decreased by 11.7% to $942.31 million, down from $1.067 billion in the previous year.
Summary of Ciena Corp.'s third-quarter financial performance (GAAP):
- Earnings: $14.23 million, compared to $29.73 million last year.
- EPS: $0.10 in contrast to $0.20 last year.
- Revenue: $942.31 million, compared to $1.067 billion last year.
