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.
For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected
Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales
Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to