Ciena Corporation (NYSE:CIEN) shares were on the rise following better-than-expected third-quarter results and the announcement of a $500 million stock buyback plan.
The telecommunications-equipment maker reported adjusted earnings of $0.53 per share, surpassing analyst expectations of $0.48 per share.
Shares rose nearly 10% higher to $35.33 in Thursday morning trading.
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Quarterly revenue totaled $899.4 million, a 20% increase compared with $744.4 million a year ago, topping Wall Street estimates of $862.4 million.
North American sales accounted for more than 60% of its revenue, or $555.3 million.
"The combination of our innovation strength, successful interception of market trends and sustained ability to take share and outperform the market, along with a thriving industry environment, gives us tremendous confidence in both the near and longer term outlook for our business,” said CEO Gary B. Smith.
Its board also gave the green light to repurchase up to $500 million of its common stock.
Ciena distributes hardware, software and other services that support the infrastructure of telecommunication networks.
Contact Lenore Fedow at [email protected]