Ciena Corporation (NYSE: CIEN) reported its fourth quarter financial results during Thursday’s pre-market hours. The Company missed earnings expectations, which sent shares lower during pre-market hours. However, at the opening bell, Ciena shares surged by 12.1%.
For the quarter, Ciena reported earnings of USD 0.58 per share on revenue of USD 968 Million. FactSet analysts projected earnings of USD 0.63 per share on revenue of USD 964 Million.
Despite the earnings miss, Ciena reported that revenue increased by 7.6% year-over-year, delivering total fiscal revenues of USD 3.57 Billion versus USD 3.09 Billion in fiscal 2018.
The revenue growth was primarily attributable to Ciena’s packet networking segment, which delivered revenues of USD 131.9 Million compared to USD 66.5 Million the same period a year ago.
Ciena’s converged packet optical segment accounted for 68.8% of the total revenue, driving in USD 665.8 Million compared to USD 646.4 Million a year ago.
Platform software and services slightly fell from USD 56.6 Million a year ago to USD 41.2 Million at the end of the fourth quarter. Meanwhile, blue planet automation software and services grew from USD 10.7 Million last year to USD 16.6 Million.
Total global services revenue also fell from USD 119.2 Million to USD 112.5 Million, led by declines in all three of Ciena’s global services segments.
"Our outstanding Q4 financial performance rounded out an extraordinary year of industry-leading growth and profitability," said Gary Smith, President and Chief Executive Officer, Ciena. "Our innovation, diversification and scale uniquely position us to continue taking share while delivering improved operating margin and driving sustained EPS growth in 2020."
Following the quarterly financial report, Ciena shares are now up 17.3% this year.