** charts after earnings **
Ciena earnings and revenue for its fiscal second quarter handily beat analyst estimates. The Ciena earnings news sent shares in the maker of optical communications gear soaring 23%.
Ciena (CIEN) said adjusted earnings were 48 cents a share, up 109% from a year ago, with revenue rising 18.5% to $865 million. A year earlier, Ciena earned were 23 cents a share on sales of $730 million.
Analysts expected Ciena earnings of 41 cents on sales of $819 million for the period ended April 30.
Ciena stock jumped nearly 13% to 40.50 in early trading in the stock market today. That signals a move back above its 50-day line. Ciena stock has a double-bottom buy point of 40.86.
Ciena generally provides guidance on its earnings call with analysts. "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," said CEO Gary Smith, in a release.
Ciena stock hit an 11-year high in March. Its fiscal Q1 earnings and revenue topped views, but shares tanked on a weaker-than-expected outlook for gross margins.
Infinera (INFN), one Ciena rival, has been struggling. In Asia, Ciena has fared well versus China'ss Huawei. Ciena also competes against Acacia Communications (ACIA).
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