Optical Communications Stocks Open Lower as Ciena Plunges Following Earnings Report

Stock News06-04 22:18

Optical communications stocks experienced a decline at the opening of Thursday's trading session.

Shares of Ciena (CIEN.US) plummeted nearly 21% following the release of its quarterly results.

POET Technologies (POET.US) saw its stock drop close to 10%, while Corning (GLW.US) fell more than 7%.

Lumentum (LITE.US) shares declined nearly 7%, with Marvell Technology (MRVL.US) and Nokia (NOK.US) both dropping over 6%.

In its recent financial report, Ciena posted second-quarter revenue of $1.57 billion, representing a 40% year-over-year increase.

Its adjusted earnings per share were $1.64, a 290% surge compared to the same period last year.

Analysts noted that the company's revenue guidance for the third quarter, set between $1.575 billion and $1.675 billion, has a midpoint that falls below recently raised market expectations.

Furthermore, its full-year guidance of approximately $6.3 billion did not provide a significant positive surprise to investors.

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