A sharp increase in revenues has helped CIena Corp. (NYSE:CIEN) to trim its losses during the first quarter of 2014.
Ciena's research and development labs in Ottawa. (Photo by Greg Markey)
Compared to the previous quarter, however, revenue was down and losses were up.
The network equipment manufacturer, which is based in Maryland but has a large presence in Ottawa, reported revenue of $533.7 million during the three-month period that ended on Jan. 31.
That’s up from the $453.1 million it recorded during the same period last year, but down from the $583.4 million it reported during the last quarter of 2013.
That increased revenue shrunk the company’s GAAP net loss to $15.9 million during the first quarter from the $47.3-million loss it reported during the same period last year.
That loss is up, though, when compared to the fourth quarter of the previous fiscal year, when the company reported a $9.8 million loss.
“We continue to benefit from the strategic decisions we’ve made to expand our role and reach in the market, driving more consistent performance and progress toward achieving our long-term operating targets,” said Gary B. Smith, the company’s president and CEO, in a press release.