Tags: Fiber-Optic | Ciena | Shares | Profit

Shares of Fiber-Optic Gear Maker Ciena Rally on Strong Profit

Thursday, 05 Jun 2014 05:28 PM

Shares of Ciena Corp., a provider of fiber-optic networking gear for carriers such as AT&T Inc., rose the most in more than two years after posting second-quarter profit that topped analysts’ estimates.

The shares surged 18 percent Thursday to close at $22.48 in New York, their biggest one-day jump since since Sept. 1, 2011.

Adjusted earnings per share in the quarter ended April 30 totaled 17 cents, the Hanover, Maryland-based company said in a statement. Analysts projected 13 cents, the average of estimates compiled by Bloomberg.

Chief Executive Officer Gary Smith said results were driven by the company expanding into new areas and predicted the rest of the year to be “stronger” than the first half. Ciena projected revenue in the current quarter to be $585 million to $615 million. That compares to the $585.6 million average of analysts’ estimates.

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Shares of Ciena Corp., a provider of fiber-optic networking gear for carriers such as AT&T Inc., surged 18 percent after posting second-quarter profit that topped analysts' estimates.
Fiber-Optic, Ciena, Shares, Profit
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2014-28-05
Thursday, 05 Jun 2014 05:28 PM
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