Ciena Corporation (NYSE: CIEN) reported a 74% jump in earnings for the second quarter of 2020 driven by higher revenue and lower operating expenses. The results exceeded analysts’ expectations.
Prior to suspending repurchases during the quarter, the company repurchased about 0.6 million shares of common stock for an aggregate price of $23.8 million during the quarter. The company had a strong balance sheet and solid cash flow generation.
The company said it is well-positioned to manage through the current set of challenges presented by the COVID-19 pandemic. In light of current market conditions, the company has suspended its share repurchase program and is exercising prudent operating expense management.