By Mackenzie Tatananni
Ciena stock rose sharply in premarket trading Tuesday after the network technology company reported an earnings and revenue beat for the first quarter of fiscal 2025.
Adjusted earnings of 64 cents a share handily topped Wall Street's call for 41 cents, according to FactSet. Revenue rose to $1.07 billion from $1.04 billion in the prior year and surpassed the $1.05 billion analysts were expecting.
Adjusted net income for the quarter ended Feb. 1 came in at $94 million, down from $96.8 million, or 66 cents a share, a year earlier.
President and CEO Gary Smith lauded the results, saying they reflected "balanced growth and strong momentum" across the company's customer segments.
"As the global leader in high-speed connectivity, we are incredibly well positioned to benefit from the global investment in networks to scale for cloud and AI," Smith continued. "As a result, we are very confident in our ability to deliver in fiscal year 2025 and beyond."
Shares spiked 7.5% to $70.48 in early trading. Ciena stock has fallen nearly 23% this year, through Monday's close.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 11, 2025 07:23 ET (11:23 GMT)
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