Ciena Corporation (NYSE:CIEN) came out with second-quarter financial results that provided investors with a bit of a buzz Thursday.
The networking company, based in Hanover, Md., reported second-quarter revenue of $865.0 million as compared to $730.0 million for the fiscal second quarter 2018.
Ciena's GAAP net income for the fiscal second quarter 2019 was $52.7 million, or $0.33 per diluted common share, which compares to a GAAP net income of $13.9 million, or $0.09 per diluted common share, for the fiscal second quarter 2018.
Ciena's adjusted (non-GAAP) net income for the fiscal second quarter 2019 was $76.2 million, or $0.48 per diluted common share, which compares to an adjusted (non-GAAP) net income of $33.8 million, or $0.23 per diluted common share, for the fiscal second quarter 2018.
Cash and investments totaled $818.5 million. Cash flow from operations totaled $104.1 million
The company also repurchased approximately 1.2 million shares of common stock for an aggregate price of $45.4 million during the quarter.
CEO Gary Smith said, "We reported very strong quarterly performance, including continued market share gains, driven by our technology leadership and diversified customer base in high growth markets.
"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."
Ciena provides “solutions that help our clients create the Adaptive Network in response to the constantly changing demands of their users.”
Shares hiked $7.39, or 20.6%, to $7.39
