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June 4, 2020, 7:18 a.m. EDT

Ciena beats profit and revenue expectations, but stock pulls back from 18-year high

Ciena Corp. (NYS:CIEN) reported Thursday fiscal second-quarter profit and revenue that rose above expectations, but the networking systems and software company's stock pulled back 0.6% in premarket trading after closing the previous session at an 18-year high. Net income for the quarter to May 2 increased to $91.7 million, or 59 cents a share, from $52.7 million, or 33 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to 76 cents from 48 cents, beating the FactSet consensus of 49 cents. Revenue rose 3.4% to $894.1 million, topping the FactSet consensus of $880.4 million, with networking revenue rising 3.1% to $718.5 million to beat expectations of $698.6 million. The stock has soared 35.3% over the past three months to close Wednesday at the highest level since April 2002, while the S&P 500 (S&P:SPX) has slipped 0.2%.

Link to MarketWatch's Slice.