Ciena Beats Bottom Line Bets - TheStreet

Ciena Beats Bottom Line Bets

Optical networking shop got a handle on costs and narrowed losses in the second quarter.
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NEW YORK (

TheStreet

) --

Ciena

(CIEN) - Get Report

trimmed its losses but booked less revenue than the street had been looking for.

The optical networking shop posted an adjusted net loss of $11.7 million of 13 cents a share, better than the $22.5 million or 25 cent loss in the year-ago period. Analysts had expected Ciena's pro forma loss to be 27 cents a share.

Sales for the company's fiscal second quarter ended April 30 were $253.5 million, up from the $144.2 million level a year ago, but below the $268.3 million analysts were looking for, according to Yahoo! Finance.

Ciena says $53 million of the company's total revenue for the quarter came from six weeks of Nortel gear sales. Ciena acquired the networking business of failed tech giant Nortel earlier this year.

"We're very pleased with our progress to date in combining the two companies," CEO Gary Smith said in a press release Wednesday.

Looking ahead, Ciena says it expects sales for the fiscal third quarter to be in a range between $375 million and $400 million. That is almost in line with analysts' projections calling for sales of $388 million for the current quarter.

Ciena shares rose 46 cents, or 3%, to $14.30 in premarket trading.