Ciena (CIEN) gains as improving supply chain helps boost Q2 earnings

Telecommunications firm Ciena (NYSE: CIEN) is trading higher Tuesday as investors reacted positively to the firm's second-quarter earnings release.

The company posted Q2 EPS of $0.74, $0.13 better than the analyst estimate of $0.61, with revenue for the quarter, which increased 19% year-on-year, coming in at $1.13 billion versus the consensus estimate of $1.09 billion.

One of Ciena's customers represented 10.9% of the company's total revenue. The company's inventories totaled $1.1 billion, while headcount closed the quarter at 8,385.

CIEN shares are up 4% at the time of writing, trading just under the $49.50 mark.

The company said its improving supply chain dynamics helped to boost its results as it was able to ship more to customers.

"We are confident in our ability to take market share given our backlog and strategic industry position with market-leading technologies and an expanding addressable market," said CIEN CEO Gary Smith.

By Sam Boughedda

You May Also Be Interested In

• Ciena names new supply chain and product technology chiefs
• Playboy to buy back 16.6M shares from Fortress at $1.05 each
• Ciena Strengthens Leadership Team with Key Executive Appointments