Shares of network strategy and technology company Ciena (NYSE: CIEN) jumped on Thursday, rising as much as 13.8%. As of 10:53 a.m. EST, the stock was up 10.7%.
The stock's sharp gain follows the company's fiscal fourth-quarter earnings report. The quarter featured revenue and non-GAAP earnings per share that were above analysts' average forecasts for the two metrics.
Ciena's fourth-quarter revenue increased 20.8% year over year to $899.4 million. Non-GAAP earnings per share rose from $0.32 in the year-ago quarter to $0.53. On average, analysts were expecting revenue of $862 million and and non-GAAP earnings per share of $0.48, according to data from Yahoo! Finance.
"We achieved outstanding financial results in our fourth quarter and fiscal 2018 due to continued execution of our proven strategy," said Ciena CEO Gary Smith in the company's fourth-quarter earnings release.
The results put total revenue for fiscal 2018 at $3.09 billion, up from $2.8 billion in fiscal 2017.
In the company's fiscal fourth-quarter earnings release, Smith was optimistic about the company's prospects.
After repurchasing $111 million worth of stock during fiscal 2018, management also announced it has authorized up to $500 million more for share buybacks. The repurchase authorization replaces its previous repurchase plan.
10 stocks we like better than CienaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.*
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and Ciena wasn't one of them! That's right -- they think these 10 stocks are even better buys.
Click here to learn about these picks!
*Stock Advisor returns as of November 14, 2018