Updated from 9:06 a.m. EST
continues to feel the pinch of the tech spending downturn.
The networking gearmaker now says it will cut 200 employees and close one research facility as it reports disappointing losses. The cuts represent about 9% of Ciena's total staff of 2,238 and come from "every organization and geography," the company said in a press release Thursday.
The Linthicum, Md., tech shop posted a net loss, excluding one-time items, of $8.3 million, or 9 cents a share, a big swing from the 47-cent profit Ciena booked in the year-ago quarter. Analysts had expected a 7 cent pro forma loss.
Sales for Ciena's fiscal first quarter ended in January were $167.4 million, well below year-ago levels of $227.4 million, as tech spending fell off in the past year. Analysts had been looking for $171.6 million in revenue.
"We are managing our business with the expectation that current macroeconomic realities will continue to pressure our customers' spending levels," CEO Gary Smith said in a press release.
Looking ahead, the company said the cost-cutting effort will help reduce adjusted expenses to about $80 million a quarter. Ciena said it was unable to provide any financial guidance but added that it was attempting to balance costs to reach the break-even point, on an adjusted basis, on the bottom line.
Ciena's shares were up 12.2% to $5.99 in recent trading. Like other tech suppliers, including
, Ciena has dropped more than 70% in the past year.