Shares of Ciena Corp. fell nearly 10 percent Monday after the communications equipment provider said it posted a $79.1 million loss in the first quarter.
The Linthicum-based company’s shares lost $2.83, or 9.8 percent, to close at $25.98 in Nasdaq trading.
For the quarter that ended Jan. 31, Ciena reported a net loss of $79.1 million, or 84 cents per common share, compared to a net loss of $53.3 million, or 58 cents per share in the first quarter of 2010.
Ciena reported revenue of $433 million for the quarter, compared to $417.6 million in the fourth quarter of 2010.
“We continue to be encouraged by strong end user demand and recent customer awards that validate our technology and solutions and leave us well positioned for growth,” Ciena President and CEO Gary Smith said in a prepared statement. “In the short term, however, we are mindful of the effects of our back office integration activity, which — while extremely well-executed — resulted in some revenue acceleration into the first quarter and minor ERP [enterprise resource planning]-related supply chain constraints at the beginning of our second quarter,
“Accordingly, we expect fiscal second quarter 2011 revenue to be in the range of $415 million to $435 million and adjusted gross margin to be in the low 40s range,” he added.
According to analysts surveyed by Thomson Reuters, revenues were expected to be $438.5 million.
For the quarter, analysts had been expecting revenue of $422 million and a loss of 16 cents a share.