Updated from 8:46 a.m. EST
shot up in early trading after saying sales could rise 10% in its current quarter over the last.
For the fourth quarter, Ciena lost $755 million, or $1.75 a share, on revenue of $62 million. A year ago, it lost $1.8 billion, or $5.51 a share, on revenue of $368 million. Executives on a conference call said gross margin in the latest quarter was 16%, about 10% better than expected.
The latest quarter includes charges for a goodwill impairment of $557 million, restructuring charges of $79 million for job cuts, lease terminations, and the write-down of certain property, equipment and leasehold improvements and other items.
Linthicum, Md.-based Ciena said that based on current order activity, it's possible first-quarter revenue will rise 10% over the fourth.
That sent it shares up 90 cents, 17.4%, to $6.08. Several peers rose in sympathy:
was up 48 cents, or 6%, to $8.55,
gained 6 cents, or 5.1%, at $1.23, and
rose 15 cents, or 5.3%, $2.97.
"In addition, we expect to make continued progress toward profitability through our ongoing efforts to improve gross margin and to lower ongoing operating expenses," the company said.
The shares were recently up 15% to $5.95.