Shares of networking systems, services and software company, Ciena Corporation (CIEN) are rising more than 8% Thursday morning following better-than-expected second-quarter results.
The company reported net income of $103.1 million, or $0.66 per share in the second quarter, compared with $91.7 million, or $0.59 per share, for the year-ago quarter.
Excluding items, earnings of $0.62 per share beat the average estimate of analysts polled by Thomson Reuters at $0.48 per share.
Revenue for the quarter, however, declined to $833.9 million from $894.1 million last year. The consensus estimate was for $829.27 million.
“We delivered strong fiscal second quarter results as we continued to see encouraging signs in the market environment, including improvements in customer spending,” said Gary Smith, president and CEO of Ciena. “These dynamics, combined with our business and financial performance in the first half of the year, give us strong visibility and confidence in our ability to achieve our financial targets as we move through the year.”
CIEN, currently at $58.97, has been trading in the range of $38.03- $61.52 in the past 52 weeks.
Source: Read Full Article