Why Ciena Corporation Shares Sank Today

Shares of Ciena Corporation (NYSE: CIEN) sank today, down by 9% as of 1:45 p.m. EDT, after the networking specialist reported fiscal third-quarter earnings. While the results beat expectations, investors were likely disappointed with revenue outlook for the coming quarter.

Revenue in the third quarter totaled $728.7 million, up 9% year over year and ahead of the $726.9 million that the Street was expecting. The company posted non-GAAP earnings per share of $0.51, also topping the consensus estimate of $0.49 per share in adjusted profits.

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Source: Fool.com