Updated from 8:46 a.m. EST

Ciena

(CIEN) - Get Report

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:

Juniper

(JNPR) - Get Report

was up 48 cents, or 6%, to $8.55,

Sonus

(SONS)

gained 6 cents, or 5.1%, at $1.23, and

JDS Uniphase

(JDSU)

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.