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Ciena Corporation (CIEN+0.24%) has submitted its annual report on Form 10-K for the fiscal year ended November 2, 2024 filing.
The filing details Ciena's business operations, including its focus on network technology solutions that enhance network capacity, service delivery, and automation for a diverse range of network operators.
Revenue for the fiscal year 2024 was $4.01 billion, a decrease of 8.5% from the previous year. This decline was attributed to reduced order volumes, particularly from communications service providers.
Product revenue, which includes sales from Networking Platforms and Platform Software, decreased by 11.8% to $3.16 billion, while services revenue increased by 6.3% to $855.9 million.
Gross profit for the year was $1.72 billion, with a gross margin of 42.8%, consistent with the previous year.
Operating expenses increased slightly to $1.55 billion, primarily due to higher research and development costs and selling expenses.
Net income for the fiscal year was $84 million, a significant decrease from $255 million in the previous year, reflecting the challenges in the supply chain and market demand.
Ciena's backlog was reported at $2.1 billion as of November 2, 2024, indicating future revenue potential from existing customer orders.
The company continues to invest in research and development, with expenditures totaling $767.5 million, representing 19.1% of total operating expenses.
Ciena's cash and cash equivalents, including short-term investments, totaled $1.33 billion at the end of the fiscal year, reflecting a stable liquidity position.
The report also discusses various risks, including competition, supply chain challenges, and regulatory changes, which could impact future operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ciena Corporation annual 10-K report dated December 20, 2024. To report an error, please email earnings@qz.com.