Ciena (NYSE: CIEN), stock surged Thursday after reporting fiscal fourth-quarter profit that jumped 66% while revenue shot up 21%.
The network strategy and technology company delivered its best earnings and sales gains in several years. The Company’s adjusted earnings were 53 cents a share, up 66% from a year ago. For the fiscal fourth quarter of 2018, revenue rose 21% to USD 899.4 Million as compared to USD 744.4 Million for the fiscal fourth quarter of 2017. For the fiscal year 2018, Ciena reported revenue of USD 3.09 Billion, as compared to USD 2.80 Billion for the fiscal year 2017.
Shares in Ciena jumped 11.1% to USD 35.89, while Ciena stock rose 6.5% to USD 34.23 early Thursday.
The Hanover, Maryland-based Company provides solutions that help clients create more adaptive networks in response to the constantly changing demands of their users. With more customers possibly shifting to next-generation data center technology, Ciena could get a boost.
“We achieved outstanding financial results in our fourth quarter and fiscal 2018 due to continued execution of our proven strategy," said Gary B. Smith, president, and Chief Executive Officer, Ciena. "The combination of our innovation strength, successful interception of market trends and sustained ability to take share and outperform the market, along with a thriving industry environment, gives us tremendous confidence in both the near and longer term outlook for our business.”