Ciena Posts Q2 Earnings Beat Backed By Improved Supply Chain Dynamics

Ciena Corp CIEN reported a second-quarter FY23 revenue growth of 19.3% year-on-year to $1.13 billion Tuesday, beating the consensus estimate of $1.09 billion.
Segments: Total Networking Platforms revenue grew by 24.6% Y/Y to $914.9 million, and Total Global Services decreased by 0.7% Y/Y to $127.8 million.
Margins: Adjusted gross margin expanded by 70 bps to 43.7%.
Adjusted operating margin grew by 250 bps to 13.8%.
Non-GAAP EPS of $0.74 beat the consensus of $0.61.
Ciena held $1.34 billion in cash and equivalents and generated $229.8 million in operating cash flow.
"We delivered outstanding results for the fiscal second quarter as we were able to ship more to customers with continued improvements in supply chain dynamics," said Gary Smith, president, and CEO of Ciena.
Price Action: CIEN shares were trading down 10.4% at $42.56 Tuesday morning.

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