1 Exceptional Growth Stock That's Set to Shoot Higher
Optical networking equipment company Ciena (NYSE: CIEN) has turned out to be a solid investment over the past six months as its shares gained 16% amid improving business conditions. The good news is that this tech stock may have more upside to offer following its fiscal 2023 first-quarter results (for the three months ended Jan. 28, 2023) which were released on March 6.
The company's top and bottom lines rose impressively over the prior-year period, and it also upgraded its fiscal 2023 revenue guidance. Let's take a closer look at Ciena's latest quarterly report and check why shares of this networking company could head higher.
Ciena's fiscal 2023 first-quarter revenue increased 25% year over year to $1.06 billion thanks to robust demand for the company's optical, routing, and switching equipment. More specifically, Ciena's WaveLogic optical networking platform added 13 new customers last quarter. Meanwhile, revenue from the company's routing and switching solutions increased an impressive 39% over the prior year thanks to record shipments for these products.
Source Fool.com
