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.
Past Performance
Most Popular
Costco (COST) Q4 earnings, revenue top expectations
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2020, reflecting a marked increase in merchandise sales. The results also topped analysts’
Can Cintas (CTAS) take forward virus-driven shift in sales trend?
The disruption caused by coronavirus has affected almost all sectors except business service providers like Cintas Corporation (NASDAQ: CTAS), which is busy helping clients maintain hygiene and safety during the
Rite Aid’s (RAD) loss narrows in Q2 2021
Rite Aid Corporation (NYSE: RAD) reported a narrower loss in the second quarter of 2021. Net loss shrank to $0.25 per share in the recently ended quarter from $1.49 per