Ciena cuts FY24 revenue view to $4B-$4.3B from up 1%-4%, consensus $4.5B

Sees FY24 gross margin mid 40% range. Says expects FY24 operating expense to average $340M-$345M per quarter. Sees Q2 gross margin low 40% range. Sees Q2 adjusted operating expense $340M-$345. Says seeing business as usual cloud growth. Says seeing robust cloud network deployments. Says taking longer than anticipated for Q1 service providers to work through high levels of inventory. Says seeing increased caution from certain European service providers.