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Ciena’s stock pares losses as company reiterates forecast after Lumentum warning

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Ciena reaffirmed its outlook Thursday after Lumentum lowered its own forecast the previous afternoon, citing an order cancellation from a major customer.

Ciena Corp. reaffirmed its outlook Thursday after optical-networking component maker Lumentum Holdings Inc. lowered its own forecast the previous afternoon, citing an order cancellation from a major customer.Networking company Ciena CIEN continues to expect $1.035 billion... Ciena Corp. reaffirmed its outlook Thursday after optical-networking component maker Lumentum Holdings Inc. lowered its own forecast the previous afternoon, citing an order cancellation from a major customer.

Ciena “is reaffirming its previous statements with respect to both the demand environment and the normalization of backlog and inventory dynamics,” the company said in a release. Lumentum LITE disclosed late Wednesday that it no longer expected to meet its prior revenue forecast, as a corporate customer that made up more than 10% of its quarterly revenue in the fiscal second quarter had canceled an order late in Lumentum’s fiscal third quarter. In Lumentum’s last annual filing with the Securities and Exchange Commission, the company disclosed only Apple Inc. AAPL and Ciena as representing more than 10% of its sales.

 

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