Ciena reported revenue of $1.04 billion for its fiscal first quarter ended January 27, 2024, as compared to $1.06 billion for the fiscal first quarter 2023.
Ciena's GAAP net income for the fiscal first quarter 2024 was $49.5 million, or $0.34 per diluted common share, which compares to a GAAP net income of $76.2 million, or $0.51 per diluted common share, for the fiscal first quarter 2023.
"We delivered solid fiscal first quarter results, including strong profitability, as we continue to expand our relationships and gain share with cloud providers," said Gary Smith, president and CEO of Ciena. "While we remain very confident in the strength and durability of bandwidth demand as a long-term driver of our business, it is taking longer than expected for service providers to work through high levels of inventory."
Some highlights from Ciena's investor presentation
- Optical Networking sales amounted to $695.8 million, accounting for 67% of sales
- Routing and Switching sales amounted to $114 million, accounting for 11% of sales
- Two customers represented 10%-plus of revenue combining for a total of 26.5% of revenue
- Non-telco represented a record high 54% of total revenue
- Direct Cloud Provider revenue was up 38%YoY
- Subsea revenue grew nearly 49% YoY
- EMEA revenue increased 36% YoY
- Global Services revenue grew 13% YoY
- Customer traction continues with WL5e 800G technology, reaching 270 customers
- There were 86 customers for WL5n 400ZR/ZR+ pluggables, of which 19 were new this quarter
- Three new customer orders for WaveLogic 6 Extreme
- Surpassed 2,000 x 81xx platforms delivered to over 50 customers
- Cash and investments totaled $1.48 billion
- Cash flow from operations totaled $266.1 million
- Average days' sales outstanding (DSOs) were 88
- Accounts receivable, net balance was $865.2 million
- Unbilled contract asset, net balance was $151.6 million
