NEW YORK (TheStreet) -- Shares of Ciena Corp. (CIEN) were rising, up 1.96% to $24.92 in late morning trading Thursday, after the network specialist released its second quarter earnings results earlier this morning.
For the quarter, the company raked in a profit of 35 cents per share, higher compared to the 24 cents per share analysts were expecting, according to Thomson Reuters data.
The telecommunications networking equipment maker posted revenue of $621.60 million for the period. On average, analysts polled by Thomson Reuters expected the company to report revenue of $606.53 million.
"This performance also reflects our industry-leading ability to deliver open, on-demand, software-driven networks for an increasingly diverse set of customers across the globe," Ciena president and CEO Gary Smith said in a statement.
Looking ahead, Ciena expects third quarter revenue of between $610 million to $640 million.
Analysts expect the company to report revenue of $632.18 million for the quarter.
Hanover, Md.-based Ciena is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.
The company operates in four segments including packet-optical transport, packet networking, optical transport, and software and services.
Separately, 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:
"We rate CIENA CORP (CIEN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."