Optical network equipment maker
fell about 15% for the week after the company on Thursday posted a huge second-quarter loss on restructuring charges and said revenue was lower-than-expected, adding that it didn't see a recovery in the current quarter. The company lost $612.2 million, or $1.86 a share, compared with a loss of $50.7 million, or 17 cents a share, in the year ago quarter. Excluding noncash, nonrecurring items, Cinea lost 43 cents a share, double analyst estimates of 21 cents. The company also saw a stunning 80% year-over-year sales decline and predicted flat revenue for the third quarter, well below the consensus estimate of nearly $100 million. In its conference call Thursday, Ciena said it has seen its customers go to extremes to conserve cash, but it is still "impossible to call a bottom with any certainty."