Shares of optical networking equipment maker Ciena Communications (NYSE: CIEN) were down by 13.5% as of 11:15 a.m. ET Thursday, despite the company delivering expectations-beating results on both sales and earnings in the quarterly report it released before the opening bell.
Heading into earnings day, analysts had forecast Ciena would earn $0.48 per share (adjusted for one-time items) on sales of $1.02 billion in its fiscal 2024 first quarter. The actual numbers: $0.66 per share on sales of $1.04 billion.
So why are investors selling Ciena on a top- and bottom-line beat?
Source Fool.com