Ciena stock shoots up nearly 10% after big earnings beat, with strength in networking business

Shares of Ciena Corp.

shot up 9.6% toward a 6 1/2-month high in premarket trading Monday, after the optical networking company reported fiscal first-quarter results that beat expectations by wide margins, amid strength in its networking platforms business. Net income for the quarter to Jan. 28 rose to $76.2 million, or 51 cents a share, from $45.8 million, or 29 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 64 cents beat the FactSet consensus of 36 cents.

shot up 9.6% toward a 6 1/2-month high in premarket trading Monday, after the optical networking company reported fiscal first-quarter results that beat expectations by wide margins, amid strength in its networking platforms business. Net income for the quarter to Jan. 28 rose to $76.2 million, or 51 cents a share, from $45.8 million, or 29 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 64 cents beat the FactSet consensus of 36 cents.

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