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Ciena Earnings: CIEN Stock Ticks 4% Lower Despite Q2 Beats

Ciena (NYSE:CIEN) earnings for the second quarter of fiscal 2020 have CIEN stock slightly down on Thursday. This comes despite reporting revenue of $894.1 million, which is above Wall Street’s estimate of $881.53 million. The company also reported adjusted earnings per share (EPS) of 76 cents, while analysts were expecting EPS of 49 cents for the quarter.

Ciena Earnings: CIEN Stock Ticks 3% Lower Despite Q2 Beats
Source: Michael Vi / Shutterstock.com

Furthermore, the company reported GAAP EPS of 59 cents during the period.

The following is a more thorough look at the most recent Ciena earnings report.

  • Adjusted EPS was 58.3% better from 48 cents during Q2 2019.
  • Revenue for the quarter comes in 3.4% higher compared to $865 million during the same time last year.
  • Operating income of $127.49 million improved 58.7% year-over-year from $80.32 million.
  • Ciena’s earnings also includes a net income of $91.66 million.
  • That is 73.8% better than $52.74 million during the second quarter of 2019.

Gary Smith, president and CEO of Ciena, had this to say about the CIEN stock earnings:

“In this uncertain environment, we delivered industry leading financial performance during our second quarter, including strong revenue and outstanding profitability. Our strategy, centered around innovation, diversification and global scale, has resulted in a resilient business capable of navigating challenging times and delivering strong shareholder value over the long-term.”

Additionally, according to the release, Ciena discussed the company’s outlook during a conference call with investors and analysts on Thursday morning. An archived replay of the live broadcast is available here.

CIEN stock was down 4.1% as of Thursday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/06/ciena-earnings-cien-stock-lower-q2-beats/.

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