Emily Dattilo
Ciena stock was trading higher after the optical networking equipment company issued upbeat guidance.
Shares gained 21% to $88.68 in early trading Thursday, on track for their largest daily percentage increase since 2019, according to Dow Jones Market Data.
For its fiscal fourth quarter ended Nov. 2, Ciena reported adjusted earnings of 54 cents, missing Wall Street's call for 65 cents, according to FactSet. Revenue of $1.12 billion topped the consensus estimate of $1.1 billion.
Gross margin of 40.9% slid from 43.1% in the year-ago quarter.
"Our Q4 revenue and strong order flow reflect our significant and increasing technology leadership and positive industry dynamics," said CEO Gary Smith in a statement. Artificial intelligence is a factor.
"As Cloud and AI drive bandwidth demand across the network, we are positioned for accelerated revenue growth and market share expansion moving forward," he added.
For its first fiscal quarter, the company expects revenue of $1.01 billion to $1.9 billion, according to the earnings transcript; analysts have penciled in $1 billion.
Ciena also forecasts average annual revenue growth of about 8% to 11% over the next three years.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 12, 2024 10:45 ET (15:45 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。