Ciena Corporation (NYSE:CIEN), saw its shares sink in early Thursday trading, the result of third-quarter financial figures.
For the fiscal third quarter 2019, Ciena reported revenue of $960.6 million as compared to $818.8 million for the fiscal third quarter 2018.
Ciena's GAAP net income for the fiscal third quarter 2019 was $86.7 million, or $0.55 per diluted common share, which compares to a GAAP net income of $50.8 million, or $0.34 per diluted common share, for the fiscal third quarter 2018.
Ciena's adjusted (non-GAAP) net income was $112.3 million, or $0.71 per diluted common share, which compares to an adjusted (non-GAAP) net income of $74.3 million, or $0.48 per diluted common share, for the fiscal third quarter 2018.
The Hanover, Md.-based company, a networking systems, services and software concern, also announced that it had repurchased approximately 1.1 million shares of common stock for an aggregate price of $45.4 million during the quarter.
According to CEO Gary Smith,"We delivered another quarter of outstanding financial results as we benefit from our strong competitive position within the industry and continue to gain market share.
"Looking ahead, fiscal 2019 will be an extraordinary year for Ciena, including substantial revenue growth and increased profitability."
Cash and investments totaled $842.9 million. Cash flow from operations totaled $83.1 million Its accounts receivable balance was $798.9 million. Unbilled contract asset balance was $74.3 million
Shares tumbled $2.35, or 5.7%, to $38.89
