Ciena Corp. stock surged 19.1% before market open Thursday, lifted by fourth-quarter results that beat Wall Street’s top- and bottom-line expectations. Ciena reported net income of $57.6 million, or 39 cents a share, compared with net income of $103.5 million, or 66 cents a share, in the same period last year. On an adjusted basis, Ciena reported earnings of 61 cents a share, compared with 85 cents a share, in the prior year’s quarter. Revenue was $971 million, compared with $1.04 billion in the prior year’s quarter. Analysts surveyed by FactSet were looking for adjusted earnings of 8 cents a share and sales of $850 million. “Our strong fiscal fourth quarter financial results were better than expected as we benefited from some favorable supply chain developments in the second half of the quarter,” said Ciena CEO Gary Smith, in a statement. “Looking ahead, we expect to deliver outsized revenue growth in fiscal 2023 given our significant backlog and continued signs of gradual supply improvement.”
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