SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Sep 4, 2012) - The Communication Equipment Industry took a hit last week after Ciena, makers of fiber-optic networking equipment, posted a larger fiscal third quarter loss than expected and projected revenues below analysts' estimates. Five Star Equities examines the outlook for companies in the Communication Equipment Industry and provides equity research on Ciena Corporation (NASDAQ: CIEN) and Finisar Corporation (NASDAQ: FNSR).
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"We continue to win in the market and take share as demonstrated by a solid operating performance in the third quarter," said Gary Smith, president and CEO of Ciena. But the company is "experiencing the effects of ongoing macroeconomic challenges and slower than expected roll-outs of new design wins."
Ciena's weak fourth quarter forecast dragged down shares of other telecom equipment makers. Finisar Corp., JDS Uniphase, Alcatel Lucent SA, and Tellabs all took hits to their share prices last Thursday. Ciena's sales projections of $455 million to $480 million in the fourth quarter fell short of the $500 million predicted by analysts.
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Ciena brings together the reliability and capacity of optical networking with the flexibility and economics of Ethernet, unified by services and software that delivers the industry's leading network automation. For the fiscal third quarter 2012 the company reported revenues of $474.1 million. Shares of the company fell almost 20 percent last Thursday.
Finisar is a global technology leader for fiber optic subsystems and components that enable high-speed voice, video and data communications for telecommunications, networking, storage, wireless, and cable TV applications. The company is scheduled to release its first quarter 2013 financial results after market close on Tuesday, September 4, 2012.
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