Ciena Third-Quarter Profit Falls

From the Associated Press

Telecommunications and network equipment maker Ciena said its fiscal third-quarter profit fell to $11.7 million (12 cents a share) from $28.3 million (29 cents) in the comparable period a year earlier, as a sharp increase in operating expenses overshadowed revenue growth. The Linthicum-based company's revenue rose 23.5 percent to $253.2 million. Analysts were looking for $253.7 million in revenue.

Ciena's operating expenses rose to $110.7 million from $81.6 million, due mostly to a rise in research and development expenses.

Citing order delays from some service provider customers related to the economy, the company said it expects $190 million to $210 million in the quarter. Analysts polled by Thomson Reuters are looking for $263 million in revenue. Ciena's outlook is also lower than the $216.2 million in revenue it reported in the fourth quarter of fiscal 2007. Shares fell on the outlook.

By Terri Rupar  |  September 4, 2008; 11:12 AM ET  | Category:  Earnings
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