5 Notable Earnings Reports to Watch

4. Ciena Corporation (NYSE:CIEN)

Number of Hedge Fund Holders: 32

Ciena Corporation (NYSE:CIEN) recently announced better-than-expected earnings for its fiscal first quarter. However, its quarterly revenue fell short of expectations, sending its shares down to a nearly four-month low.

The Maryland-based telecommunications networking equipment supplier earned 47 cents per share on an adjusted basis, compared to 52 cents per share in the year-ago period. Analysts expected Ciena Corporation (NYSE:CIEN) to earn 45 cents per share.

In addition, Ciena Corporation (NYSE:CIEN) reported revenue of $844.4 million, up 11.5 percent on a year-over-year basis but below expectations of $856.85 million. Looking at the performance of its flagship segments, revenue from its networking platforms increased 8.7 percent to $626.6 million, while global services revenue rose 8.9 percent to $123.8 million in the quarter.

Speaking on the results, CEO Gary Smith said:

“We expect our strategic investments to drive a significant increase in supply chain capacity in the second half, and therefore remain confident in our ability to address demand and achieve the strong revenue growth we expect for the fiscal year.”