Ciena increases revenue but still posts $85M loss for the year

OBJ Staff
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Increasing revenue helped networking equipment maker Ciena Corp. to narrow its losses during its fourth quarter, the company announced on Thursday.

(Stock image)

The Maryland, U.S.-based company, which has a strong presence in Ottawa, reported revenue of $583.4 million during the three-month period ending Oct. 31. That’s up from $465.5 million for the same period the year before.

The company, which also saw its fiscal year end on Oct. 31, reported annual revenue of $2.1 billion, up from $1.8 billion last year.

But the increased revenue wasn’t enough to push the company into the black.

The company reported a net loss of $9.8 million for the quarter, down from $38.8 million for the same period last year. For the year, the company reported a net loss of $85.4 million, down from $144 million last year.

“Fiscal 2013 was a strong year for Ciena, with industry-leading revenue growth, record backlog, increased market share, and a three-fold improvement in adjusted operating profit over last year,” said Gary Smith, president and CEO of Ciena, in a press release.

Shares in the company (NASDAQ: CIEN) were down almost seven per cent by Thursday afternoon.

Geographic location: Maryland, U.S., Ottawa

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