Shares of Ciena Corporation (NASDAQ: CIEN) surged on Thursday after the Linthicum, Maryland-based company said that its second-quarter loss narrowed as revenue rose 14%.
Gary Smith, President and CEO of Ciena, said that the company remains well-positioned for future growth and still expects its operating results for the second half of the year to be stronger than those in the first half.
Ciena, which provides communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic, reported a net loss of $27.8 million, or $0.28 per share for the second quarter ended April 30. This compares with a net loss of $62.7 million, or $0.66 per share reported for the same period in the previous year.
Excluding special items, Ciena reported a profit of $0.04 per share. Revenue for the quarter was $477.6 million, compared with $417.9 million reported for the same period in the previous year.
Analysts were expecting Ciena to report a loss per share of $0.03 on revenue of $447 million in the second quarter.
Ciena also provided guidance for the third quarter. The company expects third-quarter revenue to come in between $455 million and $485 million. This compares with Street estimates of $470.4 million.
Ciena shares were amongst the biggest gainers on Thursday. The stock rose to an intra-day high of $13.67 on Thursday before finishing the day 14.06% higher at $13.55.
Year-to-date, CIEN Shares have gained 11.98%, compared with a gain of 8.52% for the Nasdaq.
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