Ciena profit: The CIEN share wins 3% on Q1 strokes

<p>Ciena’s (NYSE: CIEN) revenues for the telecommunications equipment company’s fiscal policy first quarter of 2020 have CIEN shares rising on Thursday. This is thanks to the adjusted earnings per share (EPS) of 52 cents, which is well above Wall Street‘s estimate of 38 cents per share. Its revenue of $ 832.9 million also beats analysts’ estimates of $ 819.8 million.

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Here are some additional highlights from the latest Ciena earnings report.

Adjusted earnings per share increased by 57.6% from 33 cents in the same period the year before. Revenue for the quarter increased by 7% compared to $ 778.5 million in the first quarter of 2019. Operating profit of $ 78 million is an increase of 62.8% compared to the previous year from $ 47.9 million. China’s earnings report also includes a net profit of $ 62.3 million. This is a gain of 85.4% compared to $ 33.6 million over the same period last year.

Gary Smith, President and CEO of Ciena, said the following about CIEN share income:

“We started the financial year 2020 with another quarter of outstanding financial results, including 7% growth compared to the previous year and robust operating results. We are well positioned to continue to win shares by leveraging our financial strength, global scale, diversification and increased technology leadership. ”

China’s earnings report offers no prospects for the 2020 financial year. However, we know what Wall Street estimates. It includes an adjusted profit of $ 2.61 on revenue of $ 3.8 billion.

The CIEN share rose by 3.4% as of Thursday afternoon.

At the time of writing, William White had no position in any of the above securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/ciena-earnings-boost-cien-stock/.

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