The optical and Carrier Ethernet equipment vendor reported revenues of US$417.9 million and an adjusted net loss (after one-time charges) of $22.4 million, or 24 cents per share, for the three months to April 30, 2011. Wall Street had expected revenues of $428.1 million and an adjusted net loss of 11 cents per share.
Ciena also stated that it expects its fiscal third-quarter revenues to be in the range of $435 million to $455 million. On average, analysts had been expecting third-quarter sales of more than $456 million.
The news sent Ciena's shares tumbling by $3.54, nearly 15 percent, to $20.67 in pre-market trading, and prior to the company's earnings conference call with investors and analysts.
The company also announced three senior management changes effective from August 1:
- Mike Aquino, currently senior vice president, Global Field Operations, will assume the role of general manager, Global Government Solutions;
- Philippe Morin, currently senior vice president, Global Products Group, will assume the role of senior vice president, Global Field Operations;
- François Locoh-Donou, currently vice president and general manager, EMEA, will assume the role of senior vice president, Global Products Group.
— Ray Le Maistre, International Managing Editor, Light Reading