[ad_1]
Ciena (CIEN) on Thursday reported fiscal fourth-quarter profit and revenue that topped estimates. CIEN stock edged higher in early trading.
X
For the quarter ending Oct. 31, Ciena posted adjusted earnings of 75 cents a share, up 23% from a year ago. Revenue climbed 16% to $1.13 billion.
A year earlier, the Hannover, Md.-based maker of optical communications gear, earned 61 cents a share on sales of $971 million. Analysts expected Ciena earnings of 69 cents on sales of $1.105 billion.
Ciena reported earnings before the market open.
CIEN Stock: Guidance Light
On the stock market today, CIEN stock rose nearly 2% to 46.55 in morning trading.
Ciena said it expects revenue in a range of $980 million to $1.06 billion in its fiscal first quarter ending in January. At the midpoint of guidance, the outlook missed views. Analysts had predicted revenue of $1.053 billion.
For full-year, fiscal 2024, Ciena forecast revenue growth in a range of 1% to 4% vs. estimates of 6% growth.
Ciena stock had retreated 9% in 2023 prior to the earnings report.
Heading into the Ciena earnings report, the company owned a Relative Strength Rating of 44 out of a best-possible 99, according to IBD Stock Checkup.
Ciena’s gear is built into telecom networks and hyperscale data centers operated by internet giants.
Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
YOU MIGHT ALSO LIKE:
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Learn How To Time The Market With IBD’s ETF Market Strategy
IBD Live: A New Tool For Daily Stock Market Analysis
Want To Get Quick Profits And Avoid Big Losses? Try SwingTrader
[ad_2]
Source link
