Ciena Surging on Heavy Volume; Stock up 10% After Q2 Results

Networking company Ciena

released its fiscal second-quarter earnings results prior to the opening bell on Thursday. The company reported a GAAP net loss of $27.78 million or $0.28 per share, compared to a loss of $62.69 million or $0.66 per share, in the year ago period. On an adjusted basis, CIEN reported earnings of $0.04 per share versus a loss of $0.24 per share last year. This compared to Wall Street analysts' consensus EPS estimates calling for a loss of $0.03. Revenues in the quarter were up 14.3% to $477.62 million, beating Wall Street revenue estimates of $446.97 million. Looking ahead to the third-quarter, the company said that it expects revenues to be between $455 million to $485 million, which compares to analysts' Q3 revenue estimates of $471.05 million. Gary Smith, president and CEO of the company said, "Our second quarter was highlighted by strong revenue growth and positive overall operating performance, which demonstrated our ability to deliver operating leverage." During Thursday's trading session, CIEN shares were last trading near intra-day highs, up 9.51% to $13.02. The stock is one of the top relative volume leaders on the NASDAQ, with volume running at more than 340% above the daily average.