Ciena Earnings Top Estimates, Guidance Light Amid Lowered Expectations

A company known as Ciena (CIEN) has announced its financial results for the fiscal fourth quarter. The company’s profit and revenue exceeded expectations, causing its stock to rise slightly in early trading.

Ciena reported adjusted earnings of 75 cents per share for the quarter ending on October 31, a 23% increase compared to the same period last year. Its revenue also saw a 16% increase, reaching $1.13 billion. In the previous year, the company earned 61 cents per share on sales of $971 million.

Analysts had predicted that Ciena would earn 69 cents per share on $1.105 billion in sales. However, the company surpassed these estimates.

Ciena shared its guidance for the upcoming fiscal first quarter, forecasting revenue between $980 million and $1.06 billion. Despite this, the midpoint of the guidance fell short of expectations. Analysts had predicted revenue of $1.053 billion.

In regards to the full year of fiscal 2024, Ciena projected revenue growth between 1% and 4%, which is lower than the estimated 6% growth.

Prior to the earnings report, Ciena’s stock had experienced a 9% decline in 2023.

According to IBD Stock Checkup, Ciena had a Relative Strength Rating of 44 out of a possible 99.