Tom Reese/Paul Rubillo, Dividend.com
Ciena Corp (CIEN) just reported a fourth quarter loss of $25.4 million, or 28 cents per share, during the three months ended Oct. 31, compared with a profit of $30.4 million, or 30 cents per share, in the year-ago period.
The company's revenue declined nearly 17 percent to $179.7 million from $216.2 million. Management said the results were evidence of a challenging macroeconomic and industry environment.
As for next quarter, the company is lowering revenue estimates to a range of $170 million to $185 million, compared with the consensus estimates of $190.5 million.
The Bottom Line
The company was trading at $46 a share last October as tech investors were gaining confidence in the company's results. Unfortunately the stock is now down near the $6 price level, an historic low and far off all-time split-adjusted highs of $1046 hit in the year 2000. We would avoid bottom-fishing here and look at other tech names instead.
Ciena Corp (CIEN) does not currently pay a dividend.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
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