Ciena's stock surges after company reports strong second quarter earnings

Shares of Ciena, a Hanover-based networking services firm, surged nearly 27% Thursday after the company announced that its earnings nearly quadrupled in its second quarter.

The company reported that it made $52.7 million, or 33 cents per share, in the three months ended April 30. That’s up from $13.9 million, or 8 cents a share, a year earlier.

Revenue for its networking products, services and software rose 18.5 percent to $865 million during the quarter.

The company’s stock jumped $9.63 a share Thursday, closing at $45.49 each.

"Today we reported very strong quarterly performance, including continued market share gains, driven by our technology leadership and diversified customer base in high growth markets," Ciena President and CEO Gary Smith said in a statement. "We are entering the second half with strong visibility and increased confidence for the full fiscal year supported by favorable industry dynamics and growing competitive advantage."

Copyright © 2020, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad