Ciena Corporation’s (NYSE: CIEN) bottom line and topline results for the third quarter of 2020 surpassed the market’s views. Non-GAAP EPS of $1.06 and revenue of $976.7 million in Q3 exceeded consensus targets. However, CIEN stock dropped about 7% in the pre-market trading session.
On a GAAP basis, profit improved to $0.91 per share from $0.55 per share in the third quarter of 2019.
CEO Gary Smith stated that COVID-related market dynamics resulted in a slow down of orders in the quarter. He added that the company expects revenue to be adversely impacted for a few quarters.