Ciena Corporation (CIEN) is advancing technology with the launch of a 1.6 terabits-per-second (Tb/s) Coherent-Lite pluggable, designed to assist cloud and data center providers in managing anticipated increases in traffic from cloud services, machine learning and artificial intelligence (AI). The WaveLogic 6 Nano (WL6n) 1.6 Tb/s prototype will be featured at Ciena's booth (A14) during ECOC 2024. Ciena enhances its offerings for high-performance data center fabrics and campus applications with the introducti ...

Priced at 30 times free cash flow and a P/E ratio twice that, Ciena stock remains expensive -- no matter what Citigroup says. Ciena (CIEN 4.02%) stock ran up 4.9% through 10:10 a.m. ET Monday after investment bank Citigroup switched from sell to buy on the stock this morning, and raised its price target to $68. Capital spending by North American telecommunications companies is likely to end 2024 down 3% from 2023 levels, explained the analyst. But in 2025, that trend should reverse to show 3% growth in capi ...

Ciena Corp (NYSE:CIEN) stock is on the rise today, up 4.2% at $61.18 at last glance, after a rare double upgrade from Citigroup. The firm raised its rating to "buy" from "sell," with a price-target hike to $68 from $44, as analysts grow increasingly optimistic toward the networking stock and its growth potential. Today's pop has CIEN breaking above recent pressure at the $59 region, and nearing its Mar. 4 record high of $63.24. Since the start of 2024, the equity is up more than 36%. Of the 17 analysts in c ...

Ciena Corporation (CIEN) recently announced that Danish network provider TDC NET has adopted automation software from Blue Planet, a Ciena division, to enhance its Operating Support System. Utilizing Blue Planet Inventory (BPI), running on Blue Planet's Cloud Native Platform, TDC NET will gain a precise and unified view of its mobile and fixed network resources and services. Blue Planet provides the industry's only cloud-native Operations Support System platform. Its intelligent automation portfolio helps c ...

Did you analyze how Ciena (CIEN) fared in its international operations for the quarter ending July 2024? Given the widespread global presence of this developer of high-speed networking technology, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities. In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and growth path. ...

John M Lund Photography Inc Summary Following my coverage on Ciena Corporation (NYSE:CIEN) in Jun'24, in which I recommended a buy rating due to my expectation that CIEN has gone past the trough of this demand cycle and that growth will start to accelerate once the inventory surplus situation fully normalizes in FY24, this post is to provide an update on my thoughts on the business and stock. I still give a buy rating as I see the 3Q24 performance as solid evidence that CIEN has entered a growth cycle. Inve ...

Ciena Corporation (CIEN) reported third-quarter fiscal 2024 (ended July 27) adjusted earnings per share (EPS) of 35 cents, which beat the Zacks Consensus Estimate of 26 cents. Earnings plunged 40.7% year over year. Total revenues were down 11.8% year over year to $942.3 million in the reported quarter. However, the top line surpassed the Zacks Consensus Estimate by 1.4%. A slower-than-expected recovery of order volumes from international service providers drove the year-overyear decrease. This includes caut ...

Revenue Performance - Revenue declined by 11.8% in Q3 fiscal 2024 compared to Q3 fiscal 2023, and 11.2% in the first nine months of fiscal 2024 compared to the same period in fiscal 2023[95]. - Total revenue for the quarter ended July 27, 2024, was $942.3 million, a decrease of 11.8% compared to $1,067.9 million for the same quarter in 2023[107]. - Total revenue for the nine months ended July 27, 2024, was $2.89 billion, down 11.2% from $3.26 billion in the prior year[107]. - Product revenue for the quarter ended July 27, 2024, was $729.5 million, a decrease of 15.7% compared to $865.2 million for the same quarter in 2023[108]. - Services revenue for the quarter ended July 27, 2024, was $212.8 million, an increase of 5.0% compared to $202.7 million for the same quarter in 2023[109]. Segment Performance - Networking Platforms segment revenue decreased by $147.0 million in Q3 fiscal 2024, with Optical Networking products down $112.1 million and Routing and Switching products down $34.9 million[97]. - Platform Software and Services revenue increased by 5.5% in Q3 fiscal 2024 compared to Q3 fiscal 2023, while Blue Planet Automation Software and Services revenue surged by 95.9%[97]. - Global Services revenue grew by 3.5% in Q3 fiscal 2024 compared to Q3 fiscal 2023, driven by maintenance support and training services[97]. - Networking Platforms segment revenue decreased by $433.5 million over nine months, with Optical Networking products down $376.2 million and Routing and Switching products down $57.3 million[100]. - Networking Platforms segment profit decreased by $201.1 million for the nine months ended July 27, 2024, primarily due to lower product sales volume and increased research and development costs[119]. - Platform Software and Services segment profit increased by $29.1 million for the nine months ended July 27, 2024, primarily due to higher sales volume[119]. Backlog and Orders - Backlog decreased to $2.1 billion as of the end of Q3 fiscal 2024, down from $4.2 billion at the end of fiscal 2022[90]. - Order levels relative to revenue increased in Q3 fiscal 2024, attributed to rising bandwidth demand related to generative AI[89]. - The timing and pace of backlog fulfillment will significantly impact revenue, with potential volatility in results due to customer readiness and capital expenditure constraints[91]. - The company expects gradual improvements in order volumes and dynamics, influenced by macroeconomic factors and customer inventory levels[89]. Geographic Revenue Performance - Americas revenue decreased by $30.9 million for the quarter, driven by a $41.8 million decline in Networking Platforms segment sales[103]. - EMEA revenue decreased by $17.8 million for the quarter, primarily due to a $27.0 million decrease in Networking Platforms segment sales[103]. - APAC revenue decreased by $76.9 million for the quarter, mainly reflecting a $78.3 million decline in Networking Platforms segment sales[103]. Cost and Profitability - Total cost of goods sold for the quarter was $538.4 million, down 13.0% from $618.9 million in the prior year[107]. - Gross profit for the quarter was $403.9 million, a decrease of 10.0% compared to $448.9 million in the same quarter last year, with a gross margin of 42.9%[107]. - Gross profit for products decreased by $52.3 million, while gross margin slightly increased by 30 basis points due to product cost reductions[109]. - Gross profit for services increased by $7.3 million, with gross margin rising by 100 basis points, primarily due to improved margins on Blue Planet software services[109]. - Total operating expenses for the quarter ended July 27, 2024, were $377.2 million, an increase of 1.7% compared to $370.7 million for the same quarter in 2023[112]. Expenses and Income - Research and development expenses for the quarter decreased by $0.5 million, reflecting decreases in professional services[112]. - General and administrative expenses increased by $8.9 million, primarily due to an increase in legal fees[113]. - Interest and other income, net increased by $3.8 million, primarily from higher interest income on investments[116]. - Provision for income taxes decreased by 93.9% to $2.1 million for the quarter ended July 27, 2024, compared to $34.6 million for the same quarter in 2023[116]. - Significant asset impairments and restructuring costs decreased by 67.4% to $1.4 million for the quarter ended July 27, 2024, compared to $4.2 million for the same quarter in 2023[112]. Cash Flow and Investments - Cash from operations generated $165.2 million for the nine months ended July 27, 2024, exceeding working capital requirements of approximately $139.0 million[121]. - Cash, cash equivalents, and investments decreased by $36.6 million during the first nine months of fiscal 2024, with cash used for stock repurchases totaling $125.8 million[122]. - Total cash, cash equivalents, and investments in marketable debt securities amounted to $1.2 billion as of July 27, 2024[123]. - The company repurchased an additional $118.0 million of common stock under its stock repurchase program during the first nine months of fiscal 2024[124]. - Days sales outstanding (DSOs) increased from 94 to 97 for the first nine months of fiscal 2024[128]. Tax and Accounting - Provision for income taxes decreased by $64.6 million for the first nine months of fiscal 2024, primarily due to a decrease in pre-tax book income[118]. - The effective tax rate for the first nine months of fiscal 2024 was lower than the effective tax rate for the first nine months of fiscal 2023 due to a reduction in capitalized research and development expenses[118]. - There have been no material changes to the company's critical accounting policies and estimates since October 28, 2023[131]. - The company is exposed to market risks related to changes in interest rates and foreign currency exchange rates[133]. - For detailed information on recent accounting pronouncements, refer to Note 2 in the Condensed Consolidated Financial Statements[132].

Ciena Corporation (NYSE:CIEN) Q3 2024 Earnings Conference Call September 4, 2024 8:30 AM ET Company Participants Gregg Lampf - Vice President of Investor Relations Gary Smith - President and Chief Executive Officer Jim Moylan - Chief Financial Officer Scott McFeely - Executive Advisor Conference Call Participants Meta Marshall - Morgan Stanley Simon Leopold - Raymond James Samik Chatterjee - JPMorgan Amit Daryanani - Evercore Tim Long - Barclays George Notter - Jefferies Tal Liani - Bank of America David Vo ...

Ciena (CIEN) reported $942.31 million in revenue for the quarter ended July 2024, representing a year-overyear decline of 11.8%. EPS of $0.35 for the same period compares to $0.59 a year ago. The reported revenue represents a surprise of +1.44% over the Zacks Consensus Estimate of $928.91 million. With the consensus EPS estimate being $0.26, the EPS surprise was +34.62%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...