Update (4:35 p.m.): Updated with YChart and Thursday market close information.
The stock peaked at $27.16 for the day shortly after the market opened. The company, which provides Ethernet solutions for broadband service providers and telecommunications service providers, reported first-quarter results that surpassed expectations prior to the market's opening on Thursday.
The company reported earnings per share of 13 cents, excluding items, which beat the Capital IQ consensus estimate of 6 cents. Revenues rose 17.8% year over year to $533.7 million, which was just shy of the consensus estimate of $533.85 million but marked an increase from $453.1 million in the same quarter one year earlier. Adjusted operating margin was 5.9% compared to 5.6% one year ago.
Ciena also issued second-quarter revenue guidance of $540 to $570 million, which was in line with the consensus estimate of $561.41. The company also expects adjusted gross margin in the low 40s percent range and adjusted operating expenses in the $210 million range.
"We continue to benefit from the strategic decisions we've made to expand our role and reach in the market, driving more consistent performance and progress toward achieving our long-term operating targets," said President and CEO Gary B. Smith in the company's statement.
TheStreet Ratings team rates CIENA CORP as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: