Ciena's Earnings Surprise: What's Driving Their Growth in Telecom?
Portfolio Pulse from Anusuya Lahiri
Ciena Corp (NYSE:CIEN) exceeded Q4 FY23 revenue and EPS consensus estimates with a 16% Y/Y revenue increase to $1.129 billion and an adjusted EPS of $0.75. Networking Platforms and Global Services segments saw significant growth, but adjusted gross margin declined. The company has $1.25 billion in cash and generated $195.5 million in operating cash flow. Despite positive results, CIEN shares dropped 2.40% in premarket trading.
December 07, 2023 | 2:31 pm
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Ciena Corp reported higher than expected Q4 FY23 revenue and EPS, with growth in key segments. Despite positive results, shares fell 2.40% premarket.
Despite Ciena's positive earnings report, the premarket drop in share price suggests a short-term negative impact. Investors may have expected even better results or are concerned about the decline in gross margin.
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RELEVANCE 100