Alistair Berg
- Networking stocks were mixed in premarket trading on Thursday after Ciena (NYSE:CIEN) reported mixed first-quarter results compared to Wall Street’s forecast.
- Ciena shares fell 5.5% in premarket trading, as the Gary Smith-led company earned an adjusted $0.42 per share during the period, $0.10 worse than the consensus estimate. However, revenue for the period jumped 24.1% year-over-year to $1.13B, $40M above the consensus. Sales for the quarter were driven by two customers, which accounted for 23.9% of total revenue.
- Arista Networks (NYSE:ANET) bucked the decline and rose 0.4% in premarket trading, while Cisco (NASDAQ:CSCO) fell 0.1%. Juniper Networks (NYSE:JNPR), which is still in the process of being acquired by HP Enterprise (HPE), was little changed.
- Ciena is set to host a conference call at 8:30 a.m. EST to discuss the results.