Ciena Surges After Beating First-Quarter Earnings Estimates

Investors snap up shares of Ciena after the telecom equipment maker reported strong results in its fiscal first quarter.
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Shares of Ciena (CIEN) - Get Report flew higher Thursday after the maker of optical communications network gear blew past analysts' quarterly earnings estimates and posted a solid beat on revenue.

Ciena's stock price jumped nearly 6% in premarket trading to $44.10 a share after the company reported adjusted earnings per share of 52 cents for the fiscal first quarter ended Jan. 31.

That came in well above the 38-cents-a-share estimate of analysts surveyed by Zacks Investment Research, while also marking a big improvement over the same quarter a year ago, when Ciena reported earnings of 33 cents.

Ciena reported revenue of $839.2 million for the quarter, up 7% from last year and a notch above the $822 million estimate of analysts polled by Zacks.

Ciena saw revenue from the Americas rise to $574 million in the quarter, up from $516.4 million a year ago. The overall share of the company's revenue that came from the U.S. and other countries in the region also climbed to just under 69% from 66.3% a year ago.

Revenue from the Asia Pacific region, by contrast, fell to $128.9 million, down from $132.9 million during the same quarter a year ago. The percentage of Ciena's business coming from the region also dropped to 15.5%, down from 17.1% a year ago.

Ciena's revenue from Europe, the Middle East and Africa edged up by $800,000 to $130 million.

"We began fiscal 2020 with another quarter of outstanding financial performance," said Gary Smith, Ciena's president and CEO, in a press statement.