Yesterday, Ciena 2021Q1 results were announced with a revenue of $757.1 million, better than estimates, yet down 9.1% from a year ago.
But the pain was not geographically even. In fact, revenues in Europe, the Middle East and Africa were up 19.5% to $155.4 million.
“We delivered solid revenue and profitability in the first fiscal quarter in the face of continued challenging market conditions and a dynamic industry environment,” said Gary Smith, president and CEO of Ciena. “Our strong market position has enabled us to start the year largely as expected, and we are leveraging our innovation leadership and competitive advantage to deliver on our long-term growth opportunities.”
GAAP gross margin improved to 47.3% from 44.5% a year ago. Operating margins rose marginally from 9.4% to 10.0%.
Clearly, Ciena believes that the market is undervaluing their shares, as they repurchased 300,000 shares for $13.2 million over the quarter.
Comments on Ciena’s previous results are available here.
You can find the actual Press Release here.