Naysayers, though, have plenty of ammunition. With Ciena losing so much money and so far from breaken, critics wonder if this is really the time to buy more companies before Ciena's even proven that past acquisitions -- such as those of Cyras, ONI, and WaveSmith -- have worked out to its advantage.
Meanwhile, Ciena continues to burn cash as its revenues decline. For its third fiscal quarter, ended July 31, the company reported $68.5 million in quarterly revenue, down nearly 7 percent sequentially, and a net loss of $88.9 million, or 20 cents a share. In other words, it lost more money than it brought it in. In the year-ago quarter, Ciena lost nearly $160 million, or 42 cents a share.
With its burn rate at such a high level, Ciena probably has no choice but to keep cutting costs. Headcount's at 2,024 after a layoff of "about 90 employees" this past quarter (see Ciena Tightening Its Belt).
This quarter, domestic sales accounted for 60.4 percent of revenues, down from 68.5 percent last quarter. Next quarter should see input from new customers British Telecommunications plc (BT) (NYSE: BTY; London: BTA) and Telfonos de México, execs said.
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