LINTHICUM, Md. – Optical networking company Ciena Corp. said on Monday it expects fourth-quarter earnings to be in line with Wall Street's expectations and added it would cut 10 percent of its work force and take a $1.7 billion charge to write down the goodwill on certain assets.
Ciena said that, excluding charges, it expects to report earnings of 4 cents to 6 cents a share for the quarter ended Oct. 31, compared with the 4 cents that analysts on average had expected.
The company said it anticipates revenue of $367.8 million, 27 percent above the $287.6 million it booked a year ago.
Ciena said it will cut 380 positions, about 10 percent of its total work force. The job cuts will be concentrated in its manufacturing operations staff, and the company will take a $5 million to $6 million charge associated with the cuts in its first quarter of fiscal 2002.
Ciena also said it will consolidate facilities and record a fourth-quarter restructuring charge of $15 million to $16 million in addition to the charge of about $1.7 billion for that period to reduce goodwill.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox