Ciena Corp. posted lower profit for the fiscal first quarter despite higher revenue.
The Hanover, Md.-based networking-systems and software company logged net income of $45.8 million for the quarter ended Jan. 29, compared with $55.3 million a year earlier. Earnings were 29 cents a share, compared with 35 cents a share a year ago.
Adjusted for one-time items, earnings were 47 cents a share, compared with 52 cents a share in the year-ago period. Analysts surveyed by FactSet were expecting adjusted earnings of 45 cents a share.
Revenue rose to $844.4 million, compared with $757.1 million a year earlier.
“Continued broad-based demand drove very strong orders growth in the quarter, providing us additional visibility for the fiscal year,” Chief Executive Gary Smith said. “We expect our strategic investments to drive a significant increase in supply chain capacity in the second half, and therefore remain confident in our ability to address demand and achieve the strong revenue growth we expect for the fiscal year.”