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Article: Ciena Loss Grows as Revenue Falls 80%; Md. Fiber-Optic Firm Cites Telecom Slump
- Article from:
- The Washington Post
- Article date:
- May 24, 2002
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Ciena Corp., the second-biggest domestic maker of fiber-optic
equipment, reported yesterday that its quarterly losses increased,
its revenue plunged 80 percent and its financial picture could get
even worse before the troubled telecommunications industry shows any
sign of reviving.
Stock in Linthicum, Md.-based Ciena has dropped 90 percent in the
past year, and yesterday fell another 36 cents, or 5.6 percent, to
$6.08 a share on the Nasdaq Stock Market. The whole
telecommunications sector has been battered by oversupply and losses
for more than a year, and it is unlikely to rebound until the end of
the year or the beginning of 2003, at best, the company said.
Cost cutting by the 66 ...