Ciena Corporation (NYSE:CIEN) shares are down Tuesday despite better-than-expected second-quarter financial results.
What To Know: Adjusted earnings per share came in at 74 cents per share, versus estimates of 61 cents. Sales of $1.13 billion beat the $1.09 billion estimate.
Ciena increased Total Networking Platforms revenue by 24.6% year-over-year to $914.9 million. However, Total Global Services decreased by 0.7% year-over-year to $127.8 million.
Gary Smith, president and CEO of Ciena, supported the results by saying, “We delivered outstanding results for the fiscal second quarter as we were able to ship more to customers with continued improvements in supply chain dynamics. We are confident in our ability to take market share given our backlog and strategic industry position with market-leading technologies and an expanding addressable market.”
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CIEN Price Action: Shares of CIEN were down 11.7% at $41.95 at the time of publication, according to Benzinga Pro.
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