Ciena Trades Higher On Q3 Earnings Beat

Ciena CIEN  reported third-quarter earnings of 71 cents per share, which beat the analyst consensus estimate of 57 cents. This is a 47.92% increase over earnings of 48 cents per share from the same period last year.

The company reported quarterly sales of $960.6 million, which beat the analyst consensus estimate of $932.54 million. This is a 17.32% increase over sales of $818.817 million the same period last year.

"We delivered another quarter of outstanding financial results as we benefit from our strong competitive position within the industry and continue to gain market share," said Gary Smith, CEO of Ciena. "Looking ahead, fiscal 2019 will be an extraordinary year for Ciena, including substantial revenue growth and increased profitability."

Ciena shares were trading up 8% at $44.52 in Thursday’s pre-market session. The stock has a 52-week high of $46.78 and a 52-week low of $28.23.

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