Ciena’s revenue jumps 40% year-over-year
Ciena reported a strong quarter with revenue of $1.57 billion, beating estimates. The company also delivered adjusted earnings of $1.64 per share.
The company’s backlog swelled by more than $600 million in the quarter to reach $7.7 billion. Management expects to exit the year with an even higher backlog.
Ciena raised its full-year sales forecast to $6.3 billion at the midpoint, implying a 32% annual growth rate. This growth is driven by spending on network gear that underpins the AI revolution.
The company’s stock plunged 13.7% despite the strong numbers, due to concerns about the massive backlog of orders.