Why Ciena Stock Rose Early Wednesday
Shares of optical networking equipment company Ciena Communications (NYSE: CIEN) were up earlier in the day Wednesday after a quarterly report that pleased investors. Shares were up 7% at one point, but by 3:30 p.m. Ciena stock was about even with where it closed the day before.
Well before market open, Ciena unveiled its fiscal third quarter of 2024 fundamentals, giving market players plenty of time to digest them. For the period, the specialty tech company booked revenue of just over $942 million, which was down from the $1.07 billion of the same period the prior year. Non-GAAP (adjusted) net income saw a steeper fall, declining to $50.8 million ($0.35 per share) from the year-ago $89.1 million.
Source Fool.com
Ciena Corp. Stock
€408.80
1.390%
The stock is one of the favorites of our community with 39 Buy predictions and 2 Sell predictions.
However, we have a potential of -9.98% for Ciena Corp. as the target price of 368 € is below the current price of 408.8 €.
