Shares of Ciena Corp. (NYSE: CIEN) were on an upswing in pre-market trading on Thursday, shooting up by more than 15% as the supplier of telecommunications networking equipment and software services announced better-than-expected fiscal Q4 results.
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Ciena posted revenues of $971 million in Q4, down by 6.8% year-over-year but still surpassing Street expectations by $123.17 million.
The company’s adjusted earnings came in at $0.61 per share versus $0.85 in the same period last year, handsomely beating Street expectations of $0.08.
Wall Street analysts have a Moderate Buy consensus rating on CIEN stock based on four Buys and two Holds.