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Ciena Corporation Soars on Q3 Earnings Beat

Ciena (NYSE:CIEN) stock was on the rise Thursday following the release of its earnings report for its fiscal third quarter of 2018.

Ciena Corporation Soars on Q3 Earnings Beat
Source: Shutterstock

Ciena’s earnings report for its fiscal third quarter of the year includes earnings per share of 48 cents. This is an increase over the company’s earnings per share of 35 cents from the same time last year. It was also good news for CIEN stock by beating out Wall Street’s earnings per share estimate of 36 cents for the quarter.

During its fiscal third quarter of 2018, Ciena reported net income of $50.84 million. This is down from the company’s net income of $60.01 million that was reported in its fiscal third quarter of 2017.

Operating income reported by Ciena for its fiscal third quarter of the year came in at $85.27 million. The U.S. telecommunications company reported operating income of $82.00 million in the same period of the year prior.

Ciena also reported revenue of $818.82 million for its fiscal third quarter of 2018. This is better than the company’s revenue of $728.72 million that was reported in its fiscal third quarter of the previous year. It was also a blessing to CIEN stock by coming in above analysts’ revenue estimate of $790.68 million for the period.

“The combination of continued execution against our strategy and robust, broad-based customer demand resulted in outstanding fiscal third quarter performance,” Gary Smith, President and CEO of Ciena, said in a statement. “With our diversification, global scale and innovation leadership, we remain confident in our business model and our ability to achieve our three-year financial targets.”

CIEN stock was up 11% as of Thursday morning and is up 28% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/08/ciena-soars-on-q3-earnings-beat/.

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