Why Ciena Stock Blasted 16% Higher Today

Bucking the downward trend of the overall stock market on Wednesday, optical networking specialist Ciena (NYSE: CIEN) saw its share price shoot skyward. The stock closed the day nearly 16% higher thanks to a rather positive quarterly earnings report.

Ciena unveiled its fourth-quarter and full-year fiscal 2021 that morning. For the quarter, the sturdy tech company booked revenue of $1.04 billion, which was nearly 26% higher on a year-over-year basis. Non-GAAP (adjusted) net income rose 40% to almost $133 million, or $0.85 per share.

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Source Fool.com