Shares of Ciena Corp. reached a 52-week low on Friday, a day after the Linthicum-based communications maker said third-quarter profit fell 59 percent and cut its sales forecast.
Ciena’s stock price traded as low as $12.39 per share Friday. The company’s stock price had been as high as $49.55 in the past year.
The stock price has fallen 62.60 percent since the beginning of the year.
Shares of Ciena fell nearly 25 percent on Thursday to $13.11 from its closing price of $17.43 on Wednesday.
Ciena on Thursday reported third-quarter income fell to $11.7 million from $28.3 million in same period a year ago. Revenue increased 24 percent to $253.2 million.
The company sells communications equipment to network operators like AT&T and Sprint Nextel.
CEO Gary Smith said the company was cutting its fourth-quarter sales forecast, saying its customers were delaying purchases during a weak economy.
“As a result, we now expect fiscal fourth-quarter revenue in a range of $190 to $210 million,” Smith said in a statement.
