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CIEN Cuts Sales Estimate; Shares Drop
Ciena (CIEN - Analyst Report) announced earlier today that it has revised its fiscal fourth-quarter revenue guidance and now expects between $190 million and $210 million.
Shares of the telecom equipment company have slipped by as much as 25% Thursday.
According to CIEN, sales cycles are lengthening and some deployments are slowing as customers stay on their guard in a challenging macroeconomic environment. However, the company has seen no project or order cancellations.
For its fiscal third quarter, revenue advanced 24% year over year to $253.2 million. Profit declined from the previous year.
CIEN is currently a Zacks #4 Rank company. Earnings estimates for this year, ending October 2008, are a penny lower than 2 months ago while expectations for next year, ending October 2009, are down 11 cents in that time.
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| Market Summary | Jul 04, 2009 19:03 pm ET |
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