Ciena (CIEN) - Get Ciena Corporation Report was falling Thursday after the telecom-networking equipment, software and services company missed Wall Street's fiscal fourth-quarter earnings expectations.
Shares of the Hanover, Maryland-based company were down 2.8% to $45.86 a share.
Ciena reported net income of $65 million, or 42 cents a share, down from $80.3 million, or 51 cents a share, in the year-earlier quarter. Adjusted earnings were 60 cents a share, up from 58 cents a year earlier, but short of analysts' estimates of 63 cents.
Revenue totaled $828.5 million, down from $968 million a year ago. Analysts surveyed by FactSet were calling for revenue of $825.3 million.
Gary Smith, president and CEO, said in a statement that Ciena's fiscal fourth quarter and full-year 2020 performance "demonstrates that we have the innovation, diversification and global scale to perform well in a challenging environment."
"While we expect current market conditions to persist in the near-term, we are confident in strong secular demand dynamics and our ability to continue to outperform the market," Smith said.
Ciena said it will resume its share repurchase program in the first quarter of 2021, which it had suspended during fiscal 2020, and is currently targeting repurchases in the range of $150 million during fiscal 2021.
During fiscal 2020, Ciena repurchased about 1.9 million shares of its common stock at an average price of $39.81 a share for an aggregate purchase price of $74.5 million.
Cash and investments totaled $1.3 billion
Cash flow from operations totaled $187.3 million and $493.7 million for the fiscal quarter and year, respectively,