Ciena (CIEN) Q2 Earnings Top Estimates, Revenues Decline Y/Y

Ciena Corporation (CIEN) reported second-quarter fiscal 2024 (ended Apr 27) results, wherein its adjusted earnings per share (EPS) of 27 cents beat the Zacks Consensus Estimate of 15 cents. Earnings deteriorated 63.5% year over year. The year-over-year performance downtick was driven by a slower-than-expected recovery of order volumes from service providers who are still working through large inventory absorption. Additionally, macroeconomic concerns, especially internationally, remain persistent. The adjus ...