Citing excess inventory with customers, Ciena reported revenue of $910.8 million for its fiscal second quarter ended April 27, 2024, down 19.6% as compared to $1.13 billion for the fiscal second quarter 2023.
Ciena’s GAAP net loss for the fiscal second quarter 2024 was $(16.8) million, or $(0.12) per diluted common share, which compares to a GAAP net income of $57.7 million, or $0.38 per diluted common share, for the fiscal second quarter 2023.
Ciena’s adjusted (non-GAAP) net income for the fiscal second quarter 2024 was $39.4 million, or $0.27 per diluted common share, which compares to an adjusted (non-GAAP) net income of $110.4 million, or $0.74 per diluted common share, for the fiscal second quarter 2023.
Some highlights
- One 10%-plus customer represented a total 13.8% of revenue
- Non-telco represented a 46% of total revenue
- Reconfigurable line systems (RLS) revenue grew 12% YoY
- India revenue grew 16% sequentially
- Global Services revenue grew 5% YoY
- Customer traction continues with WL5e 800G technology, reaching 290 customers
- For WL5n 400ZR/ZR+ pluggables, Ciena has 104 customers, 18 new this quarter
- Orders for WaveLogic 6 Extreme from a total of 14 customers
- Surpassed 100 Routing and Switching customers using our WL5n pluggable technology Added a new Tier 1 EMEA RSP mobility customer
- Achieved the company’s first Tier 1 vBNG deployment in a residential broadband use case
“Our fiscal second quarter performance underscores the strength in our business amid a challenging near-term environment as service providers continue to work through existing inventory,” said Gary Smith, president and CEO, Ciena. “With continued robust growth in bandwidth demand, we remain focused on extending our leadership in optical as a foundation for expanding our addressable market.”