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Home»Finance»Profit Misses Expectations, Margins Decline, Names New Chair
Finance

Profit Misses Expectations, Margins Decline, Names New Chair

December 12, 2024No Comments2 Mins Read
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Ciena Q4 Earnings: Profit Misses Expectations, Margins Decline, Names New Chair
Ciena This autumn Earnings: Revenue Misses Expectations, Margins Decline, Names New Chair

Ciena Corp (NYSE:CIEN) reported a fiscal fourth-quarter 2024 income decline of 0.5% year-on-year to $1.124 billion, beating the analyst consensus estimate of $1.104 billion.

The American telecommunications networking gear and software program companies provider reported adjusted EPS of $0.54, lacking the analyst consensus estimate of $0.66. The inventory fell after the print, but it surely recouped losses and traded larger within the premarket session.

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Segments: Whole Networking Platforms income declined by 2.0% Y/Y to $859.0 million, and Whole World Companies decreased by 5.6% Y/Y to $142.0 million.

Margins: The adjusted gross margin declined by 210 bps to 41.6%, and the adjusted working margin decreased by 380 bps to 10.0%. Two 10%-plus clients represented a complete of 31.2% of income.

Ciena held $1.33 billion in money and equivalents and generated $349.3 million in working money move.

The corporate purchased again roughly 2.1 million shares of frequent inventory for an mixture worth of $132.0 million throughout the quarter.

Chair Transition: Ciena named Lawton W. Fitt as unbiased Chair of Ciena’s Board, efficient December 11, 2024, taking up from Patrick H. Nettles, Ph.D., who retired.  Nettles will proceed as a director to make sure a seamless transition.

CEO Gary Smith famous that the quarterly income and powerful order move replicate the corporate’s vital growing know-how management and optimistic trade dynamics. As Cloud and AI drive bandwidth demand throughout the community, Smith famous that Ciena is positioned for accelerated income progress and market share enlargement.

Ciena inventory surged over 62% year-to-date. At the very least 4 Wall Road companies, together with Stifel, Citigroup, Rosenblatt, and Needham, raised their worth targets on the inventory in December 2024. Three of them have a Purchase ranking on the inventory.

Worth Motion: CIEN inventory is up 8.13% at $79.16 premarket on the final verify Thursday.

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This text Ciena This autumn Earnings: Revenue Misses Expectations, Margins Decline, Names New Chair initially appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.

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