Ciena Corporation (NASDAQ:CIEN) Shares Rise Surprisingly High

Los Angelas, CA -- (SBWIRE) -- 03/07/2013 -- Ciena Corporation (NASDAQ:CIEN) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic. The Company’s packet-optical transport, packet-optical switching and carrier Ethernet service delivery products are used, individually or as part of an integrated solution, in networks operated by communications service providers, cable operators, governments and enterprises globally. Its communications networking products, through their embedded software and its network management software suites enable network operators to deliver enterprise communication services.

Ciena Corporation (NASDAQ:CIEN) soared as much as 15% in pre-open session after the company posted surprise adjusted profit in first quarter.

The company lost $47.3 million, or $0.47 a share, compared to a year ago loss of $47.7 million, or $0.49 a share.

The company posted adjusted net income of $12.3 million, or $0.12 a share, compared to a year ago loss of $16.5 million, or $0.17 a share.

Revenue during the quarter jumped 8.7% year over year to $453.1 million vs the $449.17 mln consensus; non-GAAP gross margin +290 bps to 43.2%.

For the second quarter, the company projects to generate revenue of $465 to $495 million. Adjusted gross margin in the low 40s percent range and Adjusted operating expense in the low $190s million range.

CEO Gary Smith notes market dynamics are “increasingly aligned with our strategy and competitive strengths.” Gross margin increased to 43.2% from 40.3%, notwithstanding input cost increases. Telecom-equipment stocks have struggled with a shrinking customer base and weak spending; CIEN’s investments in next-generation technology may be paying off.

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