Earlier this morning, optical networking systems vendor Ciena reported 2021Q2 revenue of $833.9 million as compared to $894.1 million for the fiscal second quarter 2020. Their GAAP net income for the fiscal second quarter 2021 was $103.1 million, or $0.66 per diluted common share, compared to a GAAP net income of $91.7 million, or $0.59 per diluted common share, for fiscal Q2.
Earnings may have been down, but still beat street forecasts. Consensus analyst forecast had been EPS of $0.4821 on revenue of $829.15M.
“We delivered strong fiscal second quarter results as we continued to see encouraging signs in the market environment, including improvements in customer spending,” said Gary Smith, president and CEO of Ciena. “These dynamics, combined with our business and financial performance in the first half of the year, give us strong visibility and confidence in our ability to achieve our financial targets as we move through the year.” He also said “Momentum for our Routing and Switching portfolio continued in Q2, with roughly a dozen wins, ranging from global Tier 1 service providers to MSOs and enterprises.”
The market reacted positively to the news. As of the writing this morning, Ciena’s stock was up almost 8%, compared to a slight drop in the S&P 500 of 0.63%
Our commentary on Ciena’s 2019 full year results is at https://www.truepulse.com/ciena-2019-results/