Ciena surges after 'very strong' results, analysts praise 'impressive

Ciena surges after 'very strong' results, analysts praise 'impressive' upside

As the IT networking business Ciena (NYSE:CIEN) reported solid results for its first fiscal quarter,

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The company's shares are currently trading more than 11% higher pre-market on Monday.

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Ciena beat the average analyst forecast of $0.36 per share on sales of $959.4 million by reporting EPS of $0.64 on $1.06 billion in revenue.

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The two biggest business units, Converged Packet Optics and Networking Platforms, saw revenues rise by 36% and 25% year over year, respectively.

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'We produced record revenue in the first quarter, demonstrating ongoing incremental improvement in the supply chain environment

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and robust customer demand for our market-leading technology,' said Gary Smith, president and CEO of Ciena.

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We are confident in our ability to continue gaining market share thanks to the excellent momentum

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throughout our whole company, supported by solid core drivers and visibility offered by our backlog.

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Expanding margins particularly impressed analysts. Ciena outperformed expectations by 190 basis points, reporting an adjusted gross margin of 43.7%.

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The findings were "extremely strong," according to experts at Vital Knowledge, highlighted by "exceptional upside" across all the important indicators.

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