Why did Ciena shares climb almost 20% Thursday? Just look at the numbers
Ciena (NYSE:CIEN) shares surged by almost 20% Thursday on heavier-than-usual volume fueled by upbeat investor reaction to the optical-technology company's fourth-quarter results.
Prior to the market open Ciena (CIEN) said it earned 61 cents a share, excluding one-time items, on revenue of $971M for its fiscal fourth quarter. Wall Street analysts had forecast the company to earn 7 cents a share on $850M in sales for the period ending October 29.
During the year-ago quarter, Ciena (CIEN) earned 85 cents a share, excluding one-time items, on $1.04B in revenue.
Chief Executive Gary Smith said in a statement that Ciena (CIEN) expects to deliver "outsized revenue growth in fiscal 2023 given our significant backlog and continued signs of gradual supply improvement."
Investors showed what they thought of Ciena (CIEN), as in addition to sending the company's shares soaring, more than 10M shares of Ciena (CIEN) stock were exchanged on Thursday. The company averages 1.7M shares traded on a daily basis.
Wall Street analysts and Seeking Alpha authors each have a consensus buy rating on Ciena's (CIEN) stock, while Seeking Alpha's Quant System, which historically outperforms the stock market, gives Ciena's (CIEN) shares a hold rating.