Two weeks ago Ciena (NASDAQ:CIEN, news, filings) preannounced its fiscal Q1 results, lowering guidance significantly to about $415M due to unexpectedly longer development cycles and seasonality and other such things. Today they turned in the real number, $416.7M, but spiced things up with an upbeat outlook.
Non-GAAP loss per share was larger than expected at $0.17 per share, while free cash flow was slightly positive at $5M as promised. Second quarter guidance is for revenues in the $435-460M range, which seems to be inline with analyst projections. But the stock is up sharply in the premarket due to qualitative guidance from CEO Gary Smith about the second half:
However, our first quarter revenue does not reflect the underlying strength of the business and ongoing customer demand. We expect sequential revenue growth in the fiscal second quarter, and we anticipate that our operating results for the second half of fiscal 2012 will be stronger than the first half.
That may not seem like much, but the street was worried about something more systemic - a sustained downturn in the company's fortunes. Ciena hopes to dispell those rumors today.
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