On June 4, 2009, Ciena announced second quarter earnings that missed expecations. Ciena swung to a loss of $503.2 million, or $5.53 a share, for the period ended April 30, compared with year-earlier profit of $23.8 million, or 23 cents a share. Excluding a goodwill write-off, disclosed in April, and other items including restructuring costs, the loss would have been 25 cents. 
Ciena Corporation expects strong business trends and improvement in its gross margins, as the demand for bandwidth is growing. Further, the company is selling higher-margin products. The company is expected to exceed its own sales forecast this year. Morgan Keegan maintained its rating of ‘Market Perform’, and Deutsche Bank raised its price target from $42 to $48 for the company.