Jun 04, 2020 (Baystreet.ca via COMTEX) -- Ciena Corporation /zigman2/quotes/208745450/composite CIEN -0.71% came out with second-quarter numbers, sending stock prices downward.
The networking systems, services and software company out of Hanover, Maryland, reported second-quarter revenue at $894.1 million, increasing 3.4% year over year
Q2 Net Income per Share was $0.59 GAAP; $0.76 adjusted (non-GAAP)
Prior to suspending repurchases during the quarter, CIEN repurchased approximately 600 thousand shares of common stock for an aggregate price of $23.8 million during the quarter
CEO Gary Smith said, "In this uncertain environment, we delivered industry leading financial performance during our second quarter, including strong revenue and outstanding profitability.
"Our strategy, centered around innovation, diversification and global scale, has resulted in a resilient business capable of navigating challenging times and delivering strong shareholder value over the long term."
Ciena's GAAP net income for the fiscal second quarter 2020 was $91.7 million, or $0.59 per diluted common share, which compares to a GAAP net income of $52.7 million, or $0.33 per diluted common share, for the fiscal second quarter 2019.
Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2020 was $117.4 million, or $0.76 per diluted common share, which compares to an adjusted (non-GAAP) net income of $76.2 million, or $0.48 per diluted common share, for the fiscal second quarter 2019.
Ciena boasts a status as a company which provides "solutions that help our customers create the Adaptive Network(TM) in response to the constantly changing demands of their users."
Shares in CIEN descended 38 cents to $55.93.
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