Shares in the international tech company spiked 11 per cent on Tuesday following the release of positive Q1 2018 financial reporting
International telecoms tech firm, Ciena, has posted strong financial results for its Q1 2018 reporting period, with revenues at the group jumping 4 per cent to $646.1 million.
“We demonstrated a strong start toward achieving our long-term financial goals with our fiscal first quarter results, including year-over-year top-line growth, continued cash generation and a strengthening balance sheet,” said Gary B. Smith, president and CEO, Ciena.
“We also are confident in our ability to continue driving market share gains across key geographies and customer segments by intersecting the industry’s demand drivers with leading innovation.”
As of 7th December 2017, Ciena has embarked on a comprehensive $300 million share buyback scheme, which will continue until the end of 2020. During the first quarter of 2018, the company had repurchased 874,000 shares of its common stock, for a total of $19.5 million (an average of $22.34 per share).
Ciena’s results also included a $476.9 million charge related to the enactment of the Tax Cuts and Jobs Act in the US.
Upon the release of the strong financial reporting, Ciena’s share price jumped by 11 per cent to $25.95 on Tuesday afternoon.