Ciena Reports Fiscal First Quarter 2024 Financial Results

Rhea-AI Summary

Ciena Corporation (CIEN) reports solid financial results for Q1 2024 with revenue of $1.04 billion and adjusted net income of $0.66 per share. Despite a slight revenue decline compared to Q1 2023, the company remains confident in long-term growth prospects. Ciena's performance metrics show a strong presence in networking platforms and global services, with a focus on the Americas region.

Positive

• Solid financial results for Q1 2024 with revenue of $1.04 billion
• Adjusted net income of $0.66 per diluted common share
• Confidence in long-term growth prospects despite revenue decline compared to Q1 2023
• Strong performance in networking platforms and global services
• Focus on the Americas region for revenue growth

Negative

• Revenue decline compared to Q1 2023
• Net income decrease on a GAAP basis
• Inventory challenges affecting service providers' demand

Insights

Financial Analyst

An examination of Ciena Corporation's fiscal first quarter financial results reveals several noteworthy trends and implications for investors. The slight year-over-year decrease in revenue, from $1.06 billion to $1.04 billion, could signal a challenging market environment or increased competition. However, the improved gross margin, from 43.2% to 45.0% GAAP and 43.7% to 45.7% adjusted, suggests that Ciena is effectively managing its cost of goods sold and possibly benefiting from economies of scale or successful cost-cutting measures.

While the company's net income has decreased compared to the previous year, the adjusted net income shows a modest increase, which may indicate that the company is controlling expenses not directly tied to production. The share repurchase program, involving the buyback of approximately 691 thousand shares, is a move that often signals confidence by management in the company's future performance and is generally well-received by the market as it can indicate a bullish outlook.

From a liquidity standpoint, the strong cash and investments balance of $1.48 billion, coupled with a robust cash flow from operations at $266.1 million, provides Ciena with a cushion to navigate market volatility, invest in growth opportunities, or return value to shareholders. However, the increase in inventories could be a point of concern, as it may reflect slower inventory turnover or potential overestimation of demand.

Market Research Analyst

The reported financial figures by Ciena Corporation must be contextualized within the broader telecommunications equipment industry. Ciena's mention of expanding relationships with cloud providers is indicative of the ongoing shift in the industry towards cloud-based services and the importance of strategic partnerships in driving growth. The company's performance in the optical networking segment, which represents the majority of its revenue, shows a decline that might reflect market saturation or competitive pressures.

Geographically, the revenue distribution shows a significant dependence on the Americas, which could expose Ciena to regional economic fluctuations. The shift in revenue percentages from the Americas to Europe, Middle East and Africa (EMEA) suggests a strategic expansion or diversification of the customer base, which could be a positive development in terms of risk management.

The company's outlook, as discussed in the live web broadcast, will be crucial for stakeholders to gauge the future trajectory of Ciena's business amidst the inventory challenges cited by the CEO. Understanding how these inventory levels will affect the company's supply chain and ability to meet demand will be a key factor in assessing Ciena's short-term operational efficiency and long-term strategic positioning.

Economist

The fiscal data presented by Ciena Corporation offers insights into the macroeconomic conditions affecting the telecommunications sector. The modest year-over-year revenue decline could be reflective of broader economic headwinds, such as reduced capital spending among service providers due to economic uncertainty. Conversely, the improvement in gross margins may suggest that Ciena is navigating input cost pressures better than some of its peers, which could be a result of strategic sourcing or favorable contract negotiations.

It is also important to consider the potential impact of high inventory levels on the company's financial health. If this inventory is a result of anticipated growth that has not materialized, it may lead to increased carrying costs and potential write-downs, affecting future profitability. Conversely, if the inventory buildup is strategic, in anticipation of supply chain disruptions or expected sales growth, it could position Ciena advantageously should these scenarios materialize.

Investors should monitor the company's ability to convert its inventory into sales, particularly in the context of a potentially cooling global economy. The ability of service providers to work through existing inventory levels will be an important determinant of Ciena's revenue growth in subsequent quarters.

HANOVER, Md.--(BUSINESS WIRE)-- Ciena^® Corporation (NYSE: CIEN), a networking systems, services and software company, today announced unaudited financial results for its fiscal first quarter ended January 27, 2024.

• Q1 Revenue: $1.04 billion
• Q1 Net Income per Share: $0.34 GAAP; $0.66 adjusted (non-GAAP)
• Share Repurchases: Repurchased approximately 691 thousand shares of common stock for an aggregate price of $32.0 million during the quarter

"We delivered solid fiscal first quarter results, including strong profitability, as we continue to expand our relationships and gain share with cloud providers," said Gary Smith, president and CEO of Ciena. "While we remain very confident in the strength and durability of bandwidth demand as a long-term driver of our business, it is taking longer than expected for service providers to work through high levels of inventory."

For fiscal first quarter 2024, Ciena reported revenue of $1.04 billion as compared to $1.06 billion for the fiscal first quarter 2023.

Ciena's GAAP net income for the fiscal first quarter 2024 was $49.5 million, or $0.34 per diluted common share, which compares to a GAAP net income of $76.2 million, or $0.51 per diluted common share, for the fiscal first quarter 2023.

Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2024 was $96.8 million, or $0.66 per diluted common share, which compares to an adjusted (non-GAAP) net income of $95.6 million, or $0.64 per diluted common share, for the fiscal first quarter 2023.

Fiscal First Quarter 2024 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to the prior year. Appendices A and B set forth reconciliations between the GAAP and adjusted (non-GAAP) measures contained in this release.

		GAAP Results (unaudited)
		Q1				Q1				Period Change
		FY 2024				FY 2023				Y-T-Y*
Revenue		$	1,037.7			$	1,056.5			(1.8	)%
Gross margin			45.0	%			43.2	%		1.8	%
Operating expense		$	382.3			$	370.7			3.1	%
Operating margin			8.2	%			8.1	%		0.1	%

		Non-GAAP Results (unaudited)
		Q1				Q1				Period Change
		FY 2024				FY 2023				Y-T-Y*
Revenue		$	1,037.7			$	1,056.5			(1.8	)%
Adj. gross margin			45.7	%			43.7	%		2.0	%
Adj. operating expense		$	336.8			$	329.3			2.3	%
Adj. operating margin			13.2	%			12.6	%		0.6	%
Adj. EBITDA		$	160.0			$	155.1			3.2	%

* Denotes % change, or in the case of margin, absolute change

		Revenue by Segment (unaudited)
		Q1 FY 2024					Q1 FY 2023
		Revenue			%**		Revenue			%**
Networking Platforms
Optical Networking		$	695.8		67.1		$	735.6		69.6
Routing and Switching			111.4		10.7			119.5		11.3
Total Networking Platforms			807.2		77.8			855.1		80.9
Platform Software and Services			89.7		8.6			73.4		6.9
Blue Planet Automation Software and Services			14.0		1.4			15.4		1.5
Global Services
Maintenance Support and Training			74.1		7.1			67.9		6.4
Installation and Deployment			42.7		4.1			34.6		3.3
Consulting and Network Design			10.0		1.0			10.1		1.0
Total Global Services			126.8		12.2			112.6		10.7
Total		$	1,037.7		100.0		$	1,056.5		100.0

** Denotes % of total revenue

Additional Performance Metrics for Fiscal First Quarter 2024

		Revenue by Geographic Region (unaudited)
		Q1 FY 2024					Q1 FY 2023
		Revenue			% **		Revenue			% **
Americas		$	718.2		69.2		$	765.1		72.4
Europe, Middle East and Africa			207.4		20.0			152.8		14.5
Asia Pacific			112.1		10.8			138.6		13.1
Total		$	1,037.7		100.0		$	1,056.5		100.0

** Denotes % of total revenue

• Two customers represented 10%-plus of revenue combining for a total of 26.5% of revenue
• Cash and investments totaled $1.48 billion
• Cash flow from operations totaled $266.1 million
• Average days' sales outstanding (DSOs) were 88
• Accounts receivable, net balance was $865.2 million
• Unbilled contract asset, net balance was $151.6 million
• Inventories totaled $984.9 million, including:
  • Raw materials: $571.7 million
  • Work in process: $60.6 million
  • Finished goods: $369.8 million
  • Deferred cost of sales: $36.8 million
  • Reserve for excess and obsolescence: $(54.0) million
• Product inventory turns were 1.9
• Headcount totaled 8,647

Supplemental Materials and Live Web Broadcast of Unaudited Fiscal First Quarter 2024 Results

Today, Thursday, March 7, 2024, in conjunction with this announcement, Ciena has posted to the Quarterly Results page of the Investor Relations section of its website certain related supporting materials for its unaudited fiscal first quarter 2024 results.

Ciena's management will also host a discussion today with investors and financial analysts that will include the Company's outlook. The live audio web broadcast beginning at 8:30 a.m. Eastern will be accessible via www.ciena.com. An archived replay of the live broadcast will be available shortly following its conclusion on the Investor Relations page of Ciena's website.

Notes to Investors

Forward-Looking Statements. You are encouraged to review the Investors section of our website, where we routinely post press releases, Securities and Exchange Commission ("SEC") filings, recent news, financial results, supplemental financial information, and other announcements. From time to time we exclusively post material information to this website along with other disclosure channels that we use. This press release contains certain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, forecasts, assumptions and other information available to the Company as of the date hereof. Forward-looking statements include statements regarding Ciena's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. Forward-looking statements in this release include:

"We delivered solid fiscal first quarter results, including strong profitability, as we continue to expand our relationships and gain share with cloud providers. While we remain very confident in the strength and durability of bandwidth demand as a long-term driver of our business, it is taking longer than expected for service providers to work through high levels of inventory."

Ciena's actual results, performance or events may differ materially from these forward-looking statements made or implied due to a number of risks and uncertainties relating to Ciena's business, including: the effect of broader economic and market conditions on our customers, their spending and their businesses and markets; our ability to execute our business and growth strategies; the impact of macroeconomic conditions and global supply chain constraints or disruptions including increased supply costs and lead times; the impact of the introduction of new technologies by us or our competitors; seasonality and the timing and size of customer orders, their delivery dates and our ability to recognize revenue relating to such sales; the level of competitive pressure we encounter; the product, customer and geographic mix of sales within the period; changes in foreign currency exchange rates; factors beyond our control such as natural disasters, climate change, acts of war or terrorism, geopolitical tensions or events, including but not limited to the ongoing conflicts between Ukraine and Russia, and Israel and Hamas, and public health emergencies or epidemics, including the COVID-19 pandemic; changes in tax or trade regulations, including the imposition of tariffs, duties or efforts to withdraw from or materially modify international trade agreements; cyberattacks, data breaches or other security incidents involving our enterprise network environment or our products; regulatory changes, litigation involving our intellectual property or government investigations; and the other risk factors disclosed in Ciena’s periodic reports filed with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K filed with the SEC on December 15, 2023 and included in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2024 to be filed with the SEC. Ciena assumes no obligation to update any forward-looking information included in this press release.

Non-GAAP Presentation of Quarterly and Annual Results. This release includes non-GAAP measures of Ciena's gross profit, operating expense, income from operations, earnings before interest, tax, depreciation and amortization (EBITDA), Adjusted EBITDA, and measures of net income and net income per share. In evaluating the operating performance of Ciena's business, management excludes certain charges and credits that are required by GAAP. These items share one or more of the following characteristics: they are unusual and Ciena does not expect them to recur in the ordinary course of its business; they do not involve the expenditure of cash; they are unrelated to the ongoing operation of the business in the ordinary course; or their magnitude and timing is largely outside of Ciena's control. Management believes that the non-GAAP measures below provide management and investors useful information and meaningful insight to the operating performance of the business. The presentation of these non-GAAP financial measures should be considered in addition to Ciena's GAAP results and these measures are not intended to be a substitute for the financial information prepared and presented in accordance with GAAP. Ciena's non-GAAP measures and the related adjustments may differ from non-GAAP measures used by other companies and should only be used to evaluate Ciena's results of operations in conjunction with our corresponding GAAP results. To the extent not previously disclosed in a prior Ciena financial results press release, Appendices A and B to this press release set forth a complete GAAP to non-GAAP reconciliation of the non-GAAP measures contained in this release.

About Ciena. Ciena (NYSE: CIEN) is a global leader in networking systems, services, and software. We build the most adaptive networks in the industry, enabling customers to anticipate and meet ever-increasing digital demands. For three-plus decades, Ciena has brought our humanity to our relentless pursuit of innovation. Prioritizing collaborative relationships with our customers, partners, and communities, we create flexible, open, and sustainable networks that better serve all users—today and into the future. For updates on Ciena, follow us on LinkedIn, X, the Ciena Insights blog, or visit www.ciena.com.

CIENA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
	Quarter Ended
	January 27,				January 28,
		2024				2023
Revenue:
Products	$	835,777			$	877,715
Services		201,932				178,806
Total revenue		1,037,709				1,056,521
Cost of goods sold:
Products		466,472				500,337
Services		104,275				100,238
Total cost of goods sold		570,747				600,575
Gross profit		466,962				455,946
Operating expenses:
Research and development		187,269				181,730
Selling and marketing		128,158				123,807
General and administrative		54,683				50,896
Significant asset impairments and restructuring costs		4,971				4,298
Amortization of intangible assets		7,252				7,441
Acquisition and integration costs		—				2,558
Total operating expenses		382,333				370,730
Income from operations		84,629				85,216
Interest and other income, net		10,650				31,973
Interest expense		(23,776	)			(15,870	)
Income before income taxes		71,503				101,319
Provision for income taxes		21,956				25,078
Net income	$	49,547			$	76,241
Net Income per Common Share
Basic net income per common share	$	0.34			$	0.51
Diluted net income per potential common share	$	0.34			$	0.51
Weighted average basic common shares outstanding		145,291				149,081
Weighted average dilutive potential common shares outstanding 1		145,848				149,551

1 Weighted average dilutive potential common shares outstanding used in calculating GAAP diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 0.6 million for the first quarter of fiscal 2024, and (ii) 0.5 million for the first quarter of fiscal 2023.

CIENA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited)
	January 27, 2024				October 28, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,264,751			$	1,010,618
Short-term investments		106,678				104,753
Accounts receivable, net		865,239				1,003,876
Inventories, net		984,886				1,050,838
Prepaid expenses and other		387,193				405,694
Total current assets		3,608,747				3,575,779
Long-term investments		103,862				134,278
Equipment, building, furniture and fixtures, net		280,357				280,147
Operating lease right-of-use assets		35,679				35,140
Goodwill		445,084				444,765
Other intangible assets, net		195,682				205,627
Deferred tax asset, net		814,098				809,306
Other long-term assets		109,701				116,453
Total assets	$	5,593,210			$	5,601,495
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	316,094			$	317,828
Accrued liabilities and other short-term obligations		329,910				431,419
Deferred revenue		166,714				154,419
Operating lease liabilities		16,888				16,655
Current portion of long-term debt		11,700				11,700
Total current liabilities		841,306				932,021
Long-term deferred revenue		76,556				74,041
Other long-term obligations		176,313				170,407
Long-term operating lease liabilities		32,418				33,259
Long-term debt, net		1,543,118				1,543,406
Total liabilities		2,669,711				2,753,134
Stockholders’ equity:
Preferred stock – par value $0.01; 20,000,000 shares authorized; zero shares issued and outstanding		—				—
Common stock – par value $0.01; 290,000,000 shares authorized; 144,946,510 and 144,829,938 shares issued and outstanding		1,449				1,448
Additional paid-in capital		6,274,773				6,262,083
Accumulated other comprehensive loss		(24,867	)			(37,767	)
Accumulated deficit		(3,327,856	)			(3,377,403	)
Total stockholders’ equity		2,923,499				2,848,361
Total liabilities and stockholders’ equity	$	5,593,210			$	5,601,495

CIENA CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
	Quarter Ended
	January 27,				January 28,
		2024				2023
Cash flows provided by (used in) operating activities:
Net income	$	49,547			$	76,241
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements		22,808				22,208
Share-based compensation expense		37,827				30,512
Amortization of intangible assets		10,016				10,325
Deferred taxes		(4,368	)			(7,247	)
Provision for inventory excess and obsolescence		10,350				5,503
Provision for warranty		4,841				8,230
Gain on cost method equity investments, net		—				(26,455	)
Other		5,051				7,325
Changes in assets and liabilities:
Accounts receivable		135,160				(133,067	)
Inventories		56,157				(235,059	)
Prepaid expenses and other		17,116				4,667
Operating lease right-of-use assets		3,084				3,891
Accounts payable, accruals and other obligations		(90,915	)			(56,979	)
Deferred revenue		14,022				29,459
Short and long-term operating lease liabilities		(4,620	)			(5,193	)
Net cash provided by (used in) operating activities		266,076				(265,639	)
Cash flows provided by (used in) investing activities:
Payments for equipment, furniture, fixtures and intellectual property		(16,599	)			(30,030	)
Purchases of investments		(21,213	)			(35,411	)
Proceeds from sales and maturities of investments		53,674				123,249
Settlement of foreign currency forward contracts, net		2,271				(4,001	)
Acquisition of business, net of cash acquired		—				(230,048	)
Net cash provided by (used in) investing activities		18,133				(176,241	)
Cash flows provided by (used in) financing activities:
Proceeds from issuance of term loan, net		—				497,500
Payment of long term debt		—				(1,732	)
Payment of debt issuance costs		(2,402	)			(3,996	)
Payment of finance lease obligations		(981	)			(913	)
Shares repurchased for tax withholdings on vesting of stock unit awards		(10,076	)			(12,980	)
Repurchases of common stock - repurchase program		(38,195	)			—
Proceeds from issuance of common stock		16,934				14,315
Net cash provided by (used in) financing activities		(34,720	)			492,194
Effect of exchange rate changes on cash, cash equivalents and restricted cash		4,646				9,884
Net increase in cash, cash equivalents and restricted cash		254,135				60,198
Cash, cash equivalents and restricted cash at beginning of period		1,010,786				994,378
Cash, cash equivalents and restricted cash at end of period	$	1,264,921			$	1,054,576
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net	$	18,582			$	10,536
Cash paid during the period for income taxes, net	$	8,260			$	8,383
Operating lease payments	$	5,080			$	5,638
Non-cash investing and financing activities
Purchase of equipment in accounts payable	$	4,225			$	7,354
Repurchase of common stock in accrued liabilities from repurchase program	$	3,110			$	—
Operating right-of-use assets subject to lease liability	$	3,498			$	6,244
Gain on cost method equity investments, net	$	—			$	26,455

APPENDIX A - Reconciliation of Adjusted (Non- GAAP) Measurements
(in thousands, except per share data) (unaudited)
		Quarter Ended
		January 27,				January 28,
			2024				2023
Gross Profit Reconciliation (GAAP/non-GAAP)
GAAP gross profit		$	466,962			$	455,946
Share-based compensation-products			1,318				1,051
Share-based compensation-services			3,020				2,297
Amortization of intangible assets			2,764				2,883
Total adjustments related to gross profit			7,102				6,231
Adjusted (non-GAAP) gross profit		$	474,064			$	462,177
Adjusted (non-GAAP) gross profit percentage			45.7	%			43.7	%
Operating Expense Reconciliation (GAAP/non-GAAP)
GAAP operating expense		$	382,333			$	370,730
Share-based compensation-research and development			12,880				9,234
Share-based compensation-sales and marketing			10,305				8,424
Share-based compensation-general and administrative			10,079				9,468
Significant asset impairments and restructuring costs			4,971				4,298
Amortization of intangible assets			7,252				7,441
Acquisition and integration costs			—				2,558
Total adjustments related to operating expense			45,487				41,423
Adjusted (non-GAAP) operating expense		$	336,846			$	329,307
Income from Operations Reconciliation (GAAP/non-GAAP)
GAAP income from operations		$	84,629			$	85,216
Total adjustments related to gross profit			7,102				6,231
Total adjustments related to operating expense			45,487				41,423
Total adjustments related to income from operations			52,589				47,654
Adjusted (non-GAAP) income from operations		$	137,218			$	132,870
Adjusted (non-GAAP) operating margin percentage			13.2	%			12.6	%
Net Income Reconciliation (GAAP/non-GAAP)
GAAP net income		$	49,547			$	76,241
Exclude GAAP provision for income taxes			21,956				25,078
Income before income taxes			71,503				101,319
Total adjustments related to income from operations			52,589				47,654
Gain on cost method equity investments, net			—				(26,455	)
Adjusted income before income taxes			124,092				122,518
Non-GAAP tax provision on adjusted income before income taxes			27,300				26,954
Adjusted (non-GAAP) net income		$	96,792			$	95,564
Weighted average basic common shares outstanding			145,291				149,081
Weighted average dilutive potential common shares outstanding 1			145,848				149,551
Net Income per Common Share
GAAP diluted net income per potential common share		$	0.34			$	0.51
Adjusted (non-GAAP) diluted net income per potential common share		$	0.66			$	0.64

1 Weighted average dilutive potential common shares outstanding used in calculating Adjusted (non-GAAP) diluted net income per potential common share includes the following number of shares underlying certain stock option and stock unit awards: (i) 0.6 million for the first quarter of fiscal 2024; and (ii) 0.5 million for the first quarter of fiscal 2023.

APPENDIX B - Calculation of EBITDA and Adjusted EBITDA (unaudited)
(in thousands) (unaudited)
		Quarter Ended
		January 27,			January 28,
			2024			2023
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
Net income (GAAP)		$	49,547		$	76,241
Add: Interest expense			23,776			15,870
Less: Interest and other income, net			10,650			31,973
Add: Provision for income taxes			21,956			25,078
Add: Depreciation of equipment, building, furniture and fixtures, and amortization of leasehold improvements			22,808			22,208
Add: Amortization of intangible assets			10,016			10,325
EBITDA		$	117,453		$	117,749
Add: Share-based compensation cost			37,602			30,474
Add: Significant asset impairments and restructuring costs			4,971			4,298
Add: Acquisition and integration costs			—			2,558
Adjusted EBITDA		$	160,026		$	155,079

* * *

The adjusted (non-GAAP) measures above and their reconciliation to Ciena's GAAP results for the periods presented reflect adjustments relating to the following items:

• Share-based compensation - a non-cash expense incurred in accordance with share-based compensation accounting guidance.
• Significant asset impairments and restructuring costs - costs incurred as a result of restructuring activities taken to align resources with perceived market opportunities, the redesign of business processes and restructuring certain real estate facilities.
• Amortization of intangible assets - a non-cash expense arising from the acquisition of intangible assets, principally developed technologies and customer-related intangibles, that Ciena is required to amortize over an expected useful life.
• Acquisition and integration costs - primarily consist of financial, legal and accounting advisors' costs and employment-related costs related to Ciena's acquisitions in fiscal 2023.
• Gain on cost method equity investments, net - reflects changes in the carrying value of certain cost method equity investments due to triggering events.
• Non-GAAP tax provision - consists of current and deferred income tax expense commensurate with the level of adjusted income before income taxes and utilizes a current, blended U.S. and foreign statutory annual tax rate of 22.0% for both the fiscal first quarter 2024 and the fiscal first quarter 2023. This rate may be subject to change in the future, including as a result of changes in tax policy or tax strategy.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240306451513/en/

Press Contact: Jamie Moody

Ciena Corporation

+1 (410) 694-5761

pr@ciena.com

Investor Contact: Gregg Lampf

Ciena Corporation

+1 (410) 694-5700

ir@ciena.com

Source: Ciena Corporation

FAQ

What was Ciena Corporation's revenue for Q1 2024?

Ciena Corporation reported revenue of $1.04 billion for Q1 2024.

What was Ciena Corporation's adjusted net income per share for Q1 2024?

Ciena Corporation reported an adjusted net income of $0.66 per diluted common share for Q1 2024.

How did Ciena Corporation's revenue for Q1 2024 compare to Q1 2023?

Ciena Corporation's revenue for Q1 2024 was slightly lower compared to Q1 2023.

In which region did Ciena Corporation focus for revenue growth?

Ciena Corporation focused on the Americas region for revenue growth.

What were some negative aspects of Ciena Corporation's Q1 2024 performance?

Some negative aspects included revenue decline compared to Q1 2023, a decrease in net income on a GAAP basis, and inventory challenges affecting service providers' demand.