Shares of Ciena (NYSE: CIEN) were up 15% as of noon EDT Thursday after the telecommunications networking and software specialist announced strong results for its fiscal third quarter 2023 (ended July 29, 2023).

Quarterly revenue climbed 23% year over year to $1.068 billion, translating to adjusted (non-GAAP) net income of $89.1 million, or $0.59 per share. Analysts, on average, were expecting adjusted earnings of only $0.51 per share on revenue of $1.04 billion.

Ciena also achieved generally accepted accounting principles (GAAP) profitability during the quarter, with GAAP net income of $29.7 million, or $0.20 per share -- up from $0.07 per share in the same year-ago period. The company also repurchased 1.4 million shares during the quarter for $61.2 million, an average price of around $43.71 per share. For perspective, the stock currently trades around $49.60 per share as of this writing.

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Source Fool.com