Ciena Corp. topped analysts’ estimates on both earnings and revenue for its fiscal first quarter.
Raking in earnings of 21 cents a share, the telecom networking equipment and software company beat FactSet consensus estimate of 14 cents a share. Profit of $33.6 million was a marked improvement from the year-ago quarter’s loss of -$473.4 million, which included a substantial tax-related expense that was absent in the latest quarter. Adjusted earnings of 33 cents a share were also higher than analysts’ expected 30 cents a share (based on data published in The Street).
The company's quarterly sales increased +21% year-over-year to $778.5 million, surpassing analysts’ estimate of $761 million (based on FactSet data). A major contributor to the revenue growth was Ciena's converged packet optical unit, whose sales surged +71% surge to reach $548.9 million.
Ciena bought back around 600,000 common shares worth $21.2 million during the quarter.