Ciena Corp. (CIEN), a maker of network equipment for phone companies, fell the most in more than three months after saying first-quarter sales were lower than its forecast because of delays in recording international revenue.
The shares declined 8.4 percent to $15.58 at the close in New York, for the steepest decline since Oct. 25. They’ve gained 29 percent this year.
Ciena, based in Linthicum, Maryland, said in preliminary results today that it expects to report revenue for the period ended Jan. 31 of $415 million, compared with its forecast of $435 million to $455 million. The average of 19 analyst estimates compiled by Bloomberg was for $447.7 million.
The company, which counts AT&T Inc. (T) and China Mobile Ltd. among its customers, said it experienced revenue delays during the quarter on projects with new customers, especially international clients. Ciena plans to report full results for the quarter on March 7.
To contact the reporter on this story: Niamh Ring in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Peter Elstrom at email@example.com