Why Ciena (CIEN) Shares Are Surging Today - Ciena (NYSE:CIEN)

Ciena Corp CIEN reported a first-quarter FY23 revenue growth of 25.1% year-on-year to $1.057 billion, beating the consensus of $959.4 million.
Segments: Total Networking Platforms revenue grew by 36.5% Y/Y to $855.1 million, and Total Global Services decreased by 9% Y/Y to $112.6 million.
Margins: Adjusted gross margin contracted 250 bps to 43.7% as costs jumped by 30.5% Y/Y.
Adjusted operating margin grew by 80 bps to 12.6%.
Non-GAAP EPS of $0.64 beat the consensus of $0.36.
Ciena held $1.2 billion in cash and equivalents and used $(265.6) million in operating cash flow.
"We delivered record revenue in the first quarter, reflecting continued gradual improvement in the supply chain environment and strong customer demand for our market-leading technology," said Gary Smith, president and CEO of Ciena. "With strong momentum across our business, supported by robust fundamental drivers and visibility provided by our backlog, we remain confident in our ability to continue to take market share."
Price Action: CIEN shares traded higher by 12.04% at $55.00 in the premarket on the last check Monday.
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Ciena Clocks 25% Topline Growth In Q1; Set For Market Share Gains Backed By Easing Supply Chain And Demand