Ciena Corporation (NYSE:CIEN) saw its shares dwindle early Tuesday on first-quarter numbers.
The networking systems company, based in Hanover, Md., revealed that for the fiscal first quarter 2019, revenues were at $778.5 million as compared to $646.1 million for the fiscal first quarter 2018.
North American revenue totaled $485.5 million, up 62.3% from the year before, while European revenue came in at $129.2 million, or 16.6% from the prior-year. From the Caribbean, the figure registered $30.4 million, up 4% from the prior-year. From Asia, the total was $132.9 million, better by 17.9%
Ciena's GAAP net income for the fiscal first quarter 2019 was $33.6 million, or $0.21 per diluted common share, which compares to a GAAP net loss of $(473.4) million, or $(3.29) per diluted common share, for the fiscal first quarter 2018.
Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2019 was $52.8 million, or $0.33 per diluted common share, which compares to an adjusted (non-GAAP) net income of $21.9 million, or $0.15 per diluted common share, for the fiscal first quarter 2018.
"We began fiscal 2019 with a very strong first quarter performance, including outstanding top and bottom line growth as well as continued market share gains," said CEO Gary B. Smith. "We believe that the combination of our leading innovation and positive industry dynamics will enable us to further extend our leadership position."
Shares faded 57 cents, or 1.3%, to $42.23 in Tuesday’s first hour.
