The stock market hasn't performed well this week, with most major indexes seeing significant declines. Yet on Thursday morning, it looked as though Wall Street might finally have a more optimistic view on the financial world, as futures markets finally moved into positive territory with gains of about a third of a percent as of 8:30 a.m. ET.

Helping to improve the mood among investors were positive financial reports from a pair of companies. Ciena (CIEN 0.33%) was one of the fortunate few technology stocks to see gains following its earnings, and China's Hello Group (MOMO -3.50%) also reversed recent share-price declines with a favorable report. Read on for the details on both companies.

Ciena gets a nice surprise in its quarterly results

Shares of Ciena moved higher by 16% in premarket trading on Thursday morning. The provider of networking systems, services, and software reported financial results for the fiscal fourth quarter ending Oct. 29 that gave its investors more confidence in its ability to overcome some of the headwinds facing the technology sector right now.

To be clear, Ciena's numbers didn't show that the company was immune from the supply chain issues and other challenges across the industry. Revenue was down about 7% year over year to $971 million, although Ciena did manage to see minimal sales growth for the full 2022 fiscal year. Similarly, Ciena's adjusted net income was down 31% from year-ago levels, coming in at $90.9 million and working out to adjusted earnings of $0.61 per share. Annual earnings of $1.90 per share were down 35% from fiscal 2021 levels. Yet the results were better than many had feared.

Interestingly, Ciena saw pockets of strength in several key areas. Routing and switching product revenue jumped sharply year over year, offsetting declines in converged packet optical networking sales. Modest gains in software and services also helped Ciena's overall results.

Looking ahead, investors were pleased to hear Ciena CEO Gary Smith predict greatly improved revenue growth in fiscal 2023. With a substantial backlog of business and signs that supply chain constraints are finally starting to loosen, Ciena is in a good position to keep benefiting from the strong appetite among enterprise customers to turn their digital transformation aspirations into reality.

Warm greetings from Hello Group

Shares of Hello Group rebounded 15% in premarket trading on Thursday morning. The move followed the mobile social media platform provider's release of third-quarter financial results, even though the Chinese company didn't exactly paint an upbeat picture of its future prospects given its current challenges.

Hello Group's numbers didn't look terribly strong. Revenue fell 14% year over year to $454.5 million. Adjusted net income of $75.3 million was down 6% from year-ago levels, resulting in adjusted earnings of $0.37 per American depositary share. Monthly active user counts fell by 6.7 million to 108.8 million as of September, and Hello Group had about 900,000 fewer paying users at the end of the quarter, as 8.4 million people paid for the company's Momo app.

Hello Group blamed the declines largely on COVID-19-related impacts, which reduced the amount of live video service revenue. Regulatory changes also weighed on results, but the biggest hit came from weakness in its mobile marketing revenue as advertisers pulled back on their spending.

For the fourth quarter, Hello Group expects further revenue declines of between 11.5% and 14.3%. Yet investors seem to be responding to hopes that lockdowns and other COVID restrictions will loosen in China in the near future, giving the social media and entertainment company a chance to avoid the adverse trends that have held it back lately.