Ciena reported revenue of $868.0 million for its fiscal third quarter ended July 30, 2022, down 12.2% from $988.1 million for the same period a year earlier.
Ciena's GAAP net income for the fiscal third quarter 2022 was $10.5 million, or $0.07 per diluted common share, which compares to a GAAP net income of $238.2 million, or $1.52 per diluted common share, for the fiscal third quarter 2021. Ciena's GAAP net income for the fiscal third quarter of 2021 benefited from the recording $124.2 million tax benefit related to an internal transfer of non-U.S. intangible assets. Ciena's adjusted (non-GAAP) net income for the fiscal third quarter 2022 was $49.0 million, or $0.33 per diluted common share, which compares to an adjusted (non-GAAP) net income of $144.9 million, or $0.92 per diluted common share, for the fiscal third quarter 2021.
"Despite continued strong customer demand, our fiscal third quarter financial results were negatively impacted by late delivery and substantially lower-than-committed volume from a small number of suppliers for specific components that are essential for delivering finished goods to our customers," said Gary Smith, president and CEO of Ciena. "While these dynamics will continue in our fiscal fourth quarter, we expect improvement as we move into fiscal 2023, providing us increased ability to service this unprecedented demand and continue to gain market share.
Some highlights
- Two 10%-plus customers represented a total of 24.1% of revenue
- Non-telco represented approximately 38% of total revenue
- APAC region represented 15% of total revenue
- Routing and Switching revenue increased 45% YoY, in part reflecting strong contribution from the recently added Vyatta platform
- Platform Software and Services increased 11% YoY, representing 7% of total revenue
- Adjusted operating margin was 40.0% compared with 48.5% a year earlier.
