An increase in revenue cut second quarter losses by more than half year-over-year at networking equipment maker Ciena Corp.
The Maryland-based company, which employs 1,500 people in Ottawa, reported revenue of $560 million during the three-month period that ended April 30.
That’s up from $507.7 million during the same period last year.
OBJ360 (Sponsored)
Be a part of OBJ’s City Building 2024
Ottawa is undergoing a building boom that, as we speak, is shaping the future of the city. The cranes dotting Ottawa’s skyline are saluting the city’s transformation, with several megaprojects
If you build it, they will stay: Ending Ottawa’s biotech brain drain
The University of Ottawa’s Advanced Medical Research Centre will help stop the brain drain of talent.
The increased revenue pushed the company’s GAAP net loss down from $27.1 million last year to $10.2 million.
“As a direct result of our expanding role and reach in the industry, we delivered strong financial results in both our second quarter and first half of fiscal 2014, including continued revenue growth and increased operating leverage,” Gary B. Smith, president and CEO of Ciena, said in a release. “As the shift continues toward on-demand networking models and as we continue to diversify our business, we expect to deliver steadily improving financial performance, including performance in the second half of the year that is stronger than the first half.”
