Ciena posts $24.8m loss, cuts 200 jobs

Networking vendor Ciena plans to cut 200 jobs - around 9% of its workforce - after posting a $24.8 million quarterly net loss.

The company will close its Massachusetts R&D facility in the next four months, and hopes the cost-cutting will reduce operating expenses by around $4.4 million. 

The $24.8 million net loss compares to a net profit of $28.8 million a year ago. Q1 revenue fell 26% year-on-year to $167.4 million.

Due to the economic climate, Ciena was unable to revenue guidance for  next quarter, said CEO Gary Smith.

"[But]we are managing our business with the expectation that current macroeconomic realities will continue to pressure our customers' spending levels," he said.

Ciena shares climbed 11% to $5.93 following the announcement. As of the end of the first quarter, Ciena employed 2,238 people. 

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