By Sam Boughedda
Telecommunications networking equipment firm Ciena (NYSE:CIEN) surged Thursday after beating earnings and revenue expectations.
In its release before the open, the company reported fiscal fourth-quarter earnings of $0.61, $0.53 better than the analyst estimate of $0.08, with revenue coming in at $971 million versus the consensus estimate of $846.92M.
Ciena shares are up more than 18% at the time of writing.
The company said its performance in the quarter was better than expected as it benefited from "some favorable supply chain developments in the second half of the quarter."
The company's President and CEO, Gary Smith, commented that looking forward, Ciena expects to deliver "outsized revenue growth in fiscal 2023" based on its significant backlog and continued signs of gradual supply improvement.
"We remain confident that the durability of secular demand drivers and our strategic investments to expand our addressable market position us to deliver strong revenue growth over the next several years," Smith added.