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Ciena (CIEN) Stock Tanks After Earnings Thursday

Ciena (NYSE:CIEN) posted its first-quarter earnings results, prompting CIEN stock to plummet today.

CienaThe company reported 12 cents in earnings per share on $573.1 million in revenue, compared to the consensus estimate from Thomson Reuters of 14 cents EPS on revenue of $576.30 million.

In its outlook for the second quarter, Ciena expects revenue in the range of $615 million to $645 million, adjusted gross margin in the mid-40s percentage range and adjusted operating expense of roughly $255 million.

The consensus estimates for the fiscal second quarter call for EPS of $0.31 on $644.63 million in revenue. Ciena had revenues of $392.7 million in North America.

CEO Gary Smith says: “Despite some recent volatility in the broader macroeconomic environment, the demand drivers for our business remain firmly in place and we are well positioned to translate our market leadership into continued growth and profitability this fiscal year.”

CIEN stock is down 17.2% Thursday.

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