Ciena Corporation's shares have plunged by over 12 percent this Thursday morning as the company's revenue forecast for Q2 and the entire fiscal year fell short of Wall Street expectations.
The business predicts Q2 revenues to fluctuate between $850 million and $930 million, which is below the average projected estimate of $1.1 billion from Thomson-Reuters' analysts.
In terms of the annual forecast, Ciena anticipates revenues varying between $4.0 billion and $4.3 billion, compared to a consensual estimate of $4.5 billion.
During Q1, net income decreased to $49.55 million or 34 cents per share, a drop from last year's $76.24 million or 51 cents per share.
Nevertheless, profit excluding one-time factors was $96.8 million or 66 cents per share, exceeding the analyst prediction of 48 cents per share.
While the Q1 revenue descended to $1.04 billion from the previous year's $1.06 billion, it was still above the expected analyst estimate of $1.02 billion.
Currently, Ciena's shares stand at $54.14, having ranged from $39.94 to $63.24 over the past year.
