UPDATE: Ciena Posts Upbeat FQ2 Earnings, Shares Rise

Shares of Ciena CIEN jumped more than 11% in pre-market trading after the company reported upbeat quarterly earnings. Ciena posted a fiscal second-quarter net loss of $10.2 million, or $0.10 per share, versus a year-ago loss of $27.1 million, or $0.27 per share. Its adjusted net income came in at $0.17 per share. Its revenue rose to $560 million from $507.7 million. However, analysts were expecting earnings of $0.13 per share on revenue of $557 million. Ciena's converged packet optical revenue climbed 21% to $356.8 million, while software and services revenue jumped 5.2% to $107.1 million. The company's press release offered the following comment from Gary B. Smith, president and CEO, Ciena: “As a direct result of our expanding role and reach in the industry, we delivered strong financial results in both our second quarter and first half of fiscal 2014, including continued revenue growth and increased operating leverage.” Ciena now projects Q3 revenue of $585 million to $615 million. Ciena shares gained 11.69% to $21.21 in pre-market trading.