Ciena Corporation (CIEN) shares tumbled 19.29 percent, losing $119.59 to $500.78 on Thursday despite the company reporting significantly improved second-quarter results.
The stock is currently trading at $500.78, compared with its previous close of $620.37. During the session, it opened at $552.39 and traded between $494.89 and $548.01. Trading volume reached 2.48 million shares, compared with its average volume of 2.69 million shares.
Ciena posted net earnings of $218.22 million, or $1.49 per share, compared with $8.96 million, or $0.06 per share, in the same quarter last year. Adjusted earnings were $240.19 million, or $1.64 per share. Revenue increased 39.6% to $1.57 billion from $1.13 billion a year earlier, reflecting strong growth across the business.
Ciena shares have traded between $70.77 and $637.51 over the past 52 weeks.
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