Ciena Rallies On Upbeat Q4 Earnings, Outlook

(RTTNews) - Shares of Ciena Corporation (CIEN) are rising more than 19% Thursday morning after reporting better-than-expected fourth-quarter results helped by easing supply-chain issues.

"Looking ahead, we expect to deliver outsized revenue growth in fiscal 2023 given our significant backlog and continued signs of gradual supply improvement,"," said Gary Smith, president and CEO of Ciena.

Net income for the fourth quarter was $57.65 million or $0.39 per share lower than $103.5 million, or $0.66 per share, for same quarter a year ago.

Excluding one-time items, earnings were $90.9 million, or $0.61 per diluted common share, that beat the average estimate of 16 analysts polled by Thomson-Reuters of $0.08 per share.

Revenue for the quarter was $971.0 million compared with $1.04 billion last year. The consensus estimate was for $849.88 million.

CIEN ,currently at $51.48, has traded in the range of $38.33-$78.28 in the last 1 year.