Ciena Dips Despite Upbeat Quarterly Results

(RTTNews) - Shares of Ciena Corporation (CIEN), a telecommunications networking equipment and software services supplier, are falling more than 10% Tuesday morning despite reporting better-than-expected quarterly results.

Net income for the second quarter was $57.65 million, or $0.38 per share, up from $38.92 million, or $0.25 per share, last year.

Excluding one-time items, earnings were $110.4 million, or $0.74 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.61 per share.

Revenue was $1.133 billion, higher than $949.23 million a year ago. The consensus estimate was for $1.09 billion.

CIEN, currently at $42.60, has been trading in the range of $38.33 - $56.38 in the last 1 year.