Ciena Declines After Revenue Trails Forecast

Ciena Declines After Revenue Trails Forecast

Ciena Corp., a maker of network
equipment for phone companies, fell the most in two months after
saying fiscal first-quarter revenue was lower than its forecast
because of slower international sales.
The shares declined 4.1 percent to $16.31 at 9:34 a.m. New
York time. Earlier they touched $16.05 for the biggest intraday
percentage decline since Dec. 21. They had gained 40 percent
this year before today.
Ciena, based in Linthicum, Maryland, said in preliminary
results today that it expects to report revenue for the period
ended Jan. 31 of $415 million, compared with its forecast of
$435 million to $455 million. The average of 19 analyst
estimates compiled by Bg was for $447.7 million.
The company, which counts AT&T Inc. and China Mobile Ltd.
among its customers, said it experienced revenue delays during
the quarter on projects with new customers, especially
international clients. Ciena plans to report full results for
the quarter on March 7.