Ciena Corporation (NYSE:CIEN) stock was down on Wednesday following a poor earnings report for its fiscal first quarter of 2017.
During its fiscal first quarter of 2017, Ciena Corporation reported earnings per share of 26 cents. This is an increase over its earnings per share of 18 cents from the same time last year. However, it came in below Wall Street’s earnings per share estimate of 29 cents for the quarter.
Ciena Corporation reported revenue of $621.50 million for its fiscal fourth quarter of the year. The company’s revenue for the fiscal first quarter of 2016 was $573.10 million. Analysts were expecting CIEN to report revenue of $632.29 million in its fiscal first quarter of 2017.
Net income reported by Ciena Corporation in the fiscal first quarter of the year was $3.86 million. This is up from the net loss of $11.55 million that the networking company reported in the same period of the year prior.
Ciena Corporation also released its outlook for its fiscal second quarter of 2017 in its most recent earnings report. The company is expecting revenue for the quarter to range from $680 million to $710 million. Wall Street is expecting CIEN to report revenue of $690.72 million during its fiscal second quarter of the year.
Ciena Corporation notes that it also expects gross margin to be in the mid-40% range for its fiscal second quarter of 2017. It is also looking for operating expenses of approximately $240 million during this period.
“Our strategic investments and differentiated portfolio are providing us strong momentum in the market, and as a result we believe that we are well-positioned to deliver on our fiscal 2017 financial targets,” Gary Smith, President and CEO of Ciena Corporation, said in a statement.
CIEN stock was down 8% as of Wednesday afternoon.