LINTHICUM, Md. (AP) — Network equipment maker Ciena Corp. reported a smaller net loss Thursday for its fiscal fourth quarter, helped by higher revenue and lower operating expenses.
President and CEO Gary Smith said Ciena is gaining market share amid the economic downturn.
“Our strong fourth quarter financial performance included positive cash flow and a second consecutive quarter of as-adjusted operating profit,” he said in a statement.
Its adjusted earnings fell short of Wall Street expectations but revenue beat analysts’ estimates. Its shares rose 32 cents, or 2.6 percent, to $12.23 in morning trading.
For the three months that ended on Oct. 31, the company posted a loss of $22.3 million, or 23 cents per share, compared with a loss of $80.3 million, or 86 cents per share, a year earlier.
Adjusted earnings were $3.3 million, or 3 cents per share, in the latest quarter. These exclude acquisition and integration costs, restructuring expenses and other items.
Revenue rose 9 percent to $455.5 million from $417.6 million.
Analysts, on average, were expecting adjusted earnings of 7 cents per share on revenue of $452.8 million, according to a poll by FactSet.
Operating costs declined 17 percent to $206.2 million from $249.6 million.
Ciena forecast first-quarter revenue of $435 million to $455 million. Analysts are expecting $453.9 million.
For the full year, Ciena reported a loss of $195.5 million, or $2.04 per share, versus a loss of $333.5 million, or $3.58 per share, a year earlier. Revenue rose 41 percent to $1.74 billion from $1.24 billion.