Ciena Corporation's (NYSE: CIEN) stock soared 5.86% in the pre-market session on Thursday, December 12, 2024, following the company's fiscal fourth-quarter 2024 earnings report and a leadership change announcement.
For the quarter ended November 2, 2024, Ciena reported revenue of $1.12 billion, surpassing analysts' estimates of $1.1 billion. However, the company's adjusted earnings of $0.54 per share fell short of the consensus forecast of $0.66 per share.
Despite the mixed results, Ciena's CEO Gary Smith expressed optimism, stating, "Our Q4 revenue and strong order flow reflect our significant and increasing technology leadership and positive industry dynamics. As Cloud and AI drive bandwidth demand across the network, we are positioned for accelerated revenue growth and market share expansion moving forward."
In a separate development, Ciena announced the appointment of Lawton W. Fitt as the independent Chair of its Board of Directors, effective December 11, 2024. Fitt, a long-serving board member since November 2000, will replace Patrick H. Nettles, who stepped down as Executive Chair and will retire after Ciena's 2025 Annual Meeting.
Analysts view Ciena's performance as a positive indicator for the networking industry, as companies continue to invest in infrastructure to support the growing demand for cloud and AI-driven applications.
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