Ciena Stock Slides 13% Despite Revenue Growth In Q2

(RTTNews) - Ciena Corporation (CIEN) dropped 13.18 percent to $73.02 on Thursday after reporting mixed results for its fiscal second quarter. While revenue rose to $1.13 billion from $910.8 million a year ago, investors reacted negatively to earnings that came in below expectations. Shares opened at $76.85 and ranged between $70.80 and $79.51 during the session on the New York Stock Exchange. Current volume is 7.1 million shares, well above the average of 2.2 million. The stock's 52-week range is $44.69 to $101.44.

The company posted net income of $9.0 million, or $0.06 per share, compared to a net loss of $16.8 million, or $0.12 per share, in the same quarter last year. The modest profit and cautious outlook failed to inspire confidence despite solid top-line growth.