Ciena Drops On Guidance Below Street View

(RTTNews) - Shares of Ciena Corporation (CIEN) are falling more than 12 percent Thursday morning after the networking systems and software company provided second-quarter as well full-year revenue outlook below the Street estimates.

For the second quarter, the company now expects revenue in the range of $850 million to $930 million, below the average estimate of analysts polled by Thomson-Reuters of $1.1 billion.

For the full year, Ciena sees revenue in the range of $4.0 billion to $4.3 billion. The consensus estimate stands at $4.5 billion.

For the first quarter, net income declined to $49.55 million or $0.34 per share, from $76.24 million or $0.51 per share a year ago.

Excluding one-time items, earnings were $96.8 million, or $0.66 per share, that beat the analysts' view of $0.48 per share.

First-quarter revenue declined to $1.04 billion from $1.06 billion in the previous year. Analysts were looking for $1.02 billion.

CIEN, currently at $54.14, has traded in the range of $39.94 - $63.24 in the last 1 year.