Ciena Corporation's (CIEN) stock skyrocketed 17.4% in pre-market trading on Thursday, fueled by robust fiscal fourth-quarter 2024 results that exceeded expectations and an upbeat outlook for fiscal 2025, signaling strong growth momentum in the rapidly evolving networking industry.

For the quarter ended November 2, 2024, Ciena reported revenue of $1.12 billion, surpassing analysts' estimates of $1.1 billion. However, the company's adjusted earnings of $0.54 per share fell short of the consensus forecast of $0.66 per share.

Despite the mixed results, Ciena's CEO Gary Smith expressed optimism, stating, "Our Q4 revenue and strong order flow reflect our significant and increasing technology leadership and positive industry dynamics. As Cloud and AI drive bandwidth demand across the network, we are positioned for accelerated revenue growth and market share expansion moving forward."

Notably, Ciena provided an upbeat outlook for fiscal 2025, projecting revenue growth of 8-11% and an adjusted gross margin of 42-44%. The company also expects to achieve improved operating leverage, with adjusted operating expenses averaging between $350 million and $360 million per quarter.

In a separate announcement, Ciena unveiled a leadership transition, appointing Lawton W. Fitt as the independent Chair of its Board of Directors, effective December 11, 2024. Fitt has served as a Ciena director since November 2000 and brings extensive experience in driving growth and shareholder value.