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Article: Ciena Reports Quarterly Loss Of $1.8 Billion; Company Expects More Red Ink in 2002
- Article from:
- The Washington Post
- Article date:
- December 14, 2001
- 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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Not only did Ciena Corp. lose $1.8 billion in its fiscal fourth
quarter, it will continue to lose money into next year, the company
announced yesterday, signaling that the fiber-optics sector will
continue to get worse before it gets better.
The Linthicum, Md., firm's stock fell 17 percent after it
announced that slow sales in its first fiscal quarter will reduce its
revenue 30 percent to 40 percent from its fourth-quarter level. Ciena
was expected to have a profit of 34 cents this fiscal year, but now
it expects to lose 8 to 12 cents per share.
Ciena's stock closed down $3.03 yesterday at $14.94 a share.
Ciena has been one of the few profitable telecom companies, eking
out quarterly profits ...