Shares of Ciena (CIEN -2.23%) jumped as much as 16.9% on Thursday morning, following the release of strong third-quarter results. The maker of telecommunications networking equipment set a fresh 10-year high before retreating to a 13% gain as of 1 p.m., EDT.
Ciena's third-quarter sales rose 12% year over year, landing at $819 million. Adjusted earnings jumped 37% over the same period, stopping at $0.48 per share. Your average Wall Street analyst would have settled for earnings near $0.36 on sales in the neighborhood of $791 million.
Management gave credit for these results to solid execution amid "robust, broad-based customer demand." That being said, the Asia Pacific segment led the way with 49% year-over-year revenue growth. North America, which is Ciena's largest reportable region, hung back at a 7% annual growth rate.
The company's bottom-line performance may have been hit-and-miss in recent reports, but this was the sixth positive revenue surprise in a row. Ciena's stock is earning its multiyear highs based on a long run of improving business results.