Investing.com -- Ciena 's (NYSE: NYSE:CIEN) saw its shares fall around 5% in premarket trading Thursday after the networking company reported fourth-quarter results that fell short of market expectations.
The firm posted Q4 earnings per share (EPS) of 54 cents, down from 75 cents a year earlier and below the consensus estimate of 65 cents.
Revenue for the period totaled $1.12 billion, down 0.5% year-over-year, and in line with consensus estimates of $1.1 billion.
"Our Q4 revenue and strong order flow reflect our significant and increasing technology leadership and positive industry dynamics," said Gary Smith, president and CEO of Ciena.
"As Cloud and AI drive bandwidth demand across the network, we are positioned for accelerated revenue growth and market share expansion moving forward."
Revenue from networking platforms was $859.0 million, a 2% year-over-year decrease but ahead of the $842.8 million estimate. Converged Packet Optical revenue showed strength, rising 4.2% to $779.6 million and exceeding the $728.5 million expected by analysts.
Adjusted gross margin fell to 41.6%, down from 43.7% last year and missing the 43.8% expected by analysts.
Alongside results, Ciena has named Lawton W. Fitt as independent Chair of its Board of Directors, effective December 11, 2024.
Patrick H. Nettles, Ph.D., is stepping down as Executive Chair and will retire after his term ends at Ciena's 2025 Annual Meeting of Stockholders. He will remain on the Board until then to support Ms. Fitt's transition.