What happened
Networking equipment and services company Ciena (CIEN 2.45%) had a bad case of the Mondays. The company's shares tumbled by almost 11% in price after it published an earnings report that missed on a crucial metric.
So what
For Ciena's first quarter of fiscal 2022, the company posted revenue of just over $844 million, nearly 12% higher than the same period of the previous year. This was within the company's revised guidance; last month, it reduced its top-line forecast for the period to $840 million to $850 million. Previously, it was $870 million to $910 million.
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Going in the opposite direction from revenue, non-GAAP (adjusted) net income suffered an 11% decline to nearly $72.6 million, or $0.47 per share.
While Ciena missed the average analyst estimate of nearly $857 million in revenue for the quarter, it edged past the adjusted, per-share net income expectation of $0.45.
Explaining the double-digit revenue growth, Ciena quoted its CEO Gary Smith as saying that "continued broad-based demand drove very strong orders growth in the quarter."
Smith sounded an optimistic note about the company's immediate future:
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.
Now what
On the back of that expectation, Ciena is proffering guidance of 11% to 13% year-over-year revenue growth for the entirety of fiscal 2022. That would put the top line at roughly $4.0 billion to $4.1 billion.
