Ciena To Cut Jobs, Predicts Strong EarningsCiena To Cut Jobs, Predicts Strong Earnings

Optical networking equipment manufacturer Ciena Corp. revealed Monday that it will lay off 10% of its staff, citing reduced demand for its products and the increasing availability of outsourced manufacturing.

Approximately 380 jobs will be cut, primarily from the company's manufacturing operations. The company will take a $5 million to $6 million charge in the first quarter of next year for costs related to the cuts.

Ciena also gave preliminary, unaudited results for its fourth quarter, predicting earnings above analyst expectations. For the quarter ending Oct. 31, the company expects earnings per share of 4 to 6 cents, on revenue of $367.8 million.