'World's Biggest Player In Optical Connectivity' Shines In Q3 Earnings With 23% Revenue Growth
Portfolio Pulse from Anusuya Lahiri
Ciena Corp (NYSE:CIEN) reported a Q3 FY23 revenue growth of 23% YoY to $1.07 billion, beating the consensus estimate of $1.04 billion. The company's non-GAAP EPS was $0.59, above the consensus of $0.51. Total Networking Platforms revenue grew by 27.4% YoY to $846.6 million, and Total Global Services increased by 5.5% YoY to $129.3 million. The stock has lost 15% YTD, with at least two analysts cutting its price target in August.
August 31, 2023 | 2:16 pm
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POSITIVE IMPACT
Ciena Corp reported strong Q3 FY23 results, beating revenue and EPS estimates. However, the stock has lost 15% YTD, with analysts cutting its price target.
Ciena Corp's strong Q3 FY23 results, with revenue and EPS beating estimates, could potentially boost investor confidence and drive the stock price up in the short term. However, the stock's YTD loss and recent price target cuts by analysts may temper this positive impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100