By Kuldip K. Ambastha
On Thursday, September 3, 2020, Ciena Corporation (CIEN) had a return of -24.3%. For its most recent fiscal quarter, the technology (tech) company surpassed its profit and revenue expectations, but also announced that in the next few quarters going forward it was expecting a slowdown in orders due to the coronavirus pandemic. On September 3, the company’s stock saw its biggest intraday decline since August 2001 (when many tech stocks were struggling, due to the tech bubble bursting). The company has many clients in the transportation, hospitality, and dining sectors. Since these sectors are struggling, their orders for the offerings of Ciena Corporation will be lessened, going forward.
Keywords – Ciena Corporation, Ciena, CIEN, technology, tech, profit, revenue, orders, slowdown, COVID-19, coronavirus, pandemic.
Disclosure – The principals and clients of Ambastha Financial LLC do not have any positions in CIEN.
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