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Ciena To Meet or Exceed Fourth-Quarter Estimates

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(CIEN) - Get Ciena Corporation Report

fourth-quarter earnings will meet or exceed analysts' expectations and said the company plans to cut 10% of its staff.

The Linthicum, Md., network equipment maker said it expects to earn a pro forma 4 cents to 6 cents a share in the quarter on revenue of $367.8 million. Analysts had been expecting earnings of 4 cents a share on revenue of $358 million.

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Ciena said it will eliminate 380 jobs immediately, primarily in manufacturing. The action will result in a charge of $5 million or $6 million in its current first quarter.

Ciena's shares were recently gaining $1.47, or 8.6%, to $18.65 in the premarket session.