For the quarter ended Oct. 31 the Hanover, Md., company earned 51 cents a share, up 50% from 34 cents in the year-earlier quarter. Adjusted earnings were 58 cents against 53 cents. Revenue rose 7.6% to $968 million.
Analysts surveyed by FactSet were expecting the company to report earnings of 63 cents a share on revenue of $964.3 million.
For the fiscal first quarter, Ciena guided investors to expect revenue of $805 million to $835 million. Analysts polled by FactSet are expecting $823 million. For the year, the company sees full year revenue of $3.79 billion, in line with expectations.
Chief Executive Gary Smith told Bloomberg News that "the demand we’re seeing is broad-based in multiple market segments. We have strong visibility and confidence” in Ciena’s growth prospects.
Ciena also reiterated that over the next three years it targets annual growth in adjusted earnings above 20% as revenue advances 6% to 8%.
Dougherty & Co. analyst Catharine Trebnick said revenue in the converged packet optical platform suggested “a slowdown in spending” from telecom operators, Bloomberg reported. The analyst rates the stock buy and puts a $40 price target on the shares.
At last check Ciena shares were trading up more than 16% above $41.