March 5, 2020, 7:15 a.m. EST

Ciena's stock surges after profit, revenue rise above expectations

Shares of Ciena Corp. (NYS:CIEN) surged 5.7% in premarket trading Thursday, after the optical networking company reported fiscal first-quarter profit and revenue that beat expectations. Net income for the quarter to Jan. 31 rose to $62.3 million, or 40 cents a share, from $33.6 million, or 21 cents a share, in the year ago period. Excluding non-recurring items, adjusted earnings per share grew to 52 cents from 33 cents, well above the FactSet consensus of 38 cents. Revenue increased 7% to $832.9 million, topping the FactSet consensus of $819.6 million. The stock has run up 14.7% over the past three months through Wednesday, while the S&P 500 (S&P:SPX) has edged up 0.4%.

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