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Optical/IP

Ciena Slumps, Reorganizes Team

Ciena Corp. (NYSE: CIEN) reported worse than expected fiscal second-quarter results and provided a disappointing third-quarter outlook early Wednesday morning, sending its stock into freefall in pre-market trading.

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

inauniversefarfaraway 12/5/2012 | 5:02:42 PM
re: Ciena Slumps, Reorganizes Team Dear list, it is only a matter of time before Ciena is but another aimless zombie. It always amazes me how victims willingly go to their doom. Let us continue to observe the life draining away from Ciena. Maybe there should be a pool so we can bet on the end date for this disaster...
Geniuses these guys.
inauniversefarfaraway 12/5/2012 | 5:02:42 PM
re: Ciena Slumps, Reorganizes Team When will Nortel claim its next victim?
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