Shares of networking equipment maker Ciena (NYSE: CIEN) exploded higher on Thursday, shooting up 20% through 12:12 p.m. ET after soaring past analyst expectations in its fiscal fourth-quarter 2022 earnings report.

Heading into earnings, analysts had forecast that Ciena would earn a bare $0.08 per share on sales of $849.9 million for the quarter. Instead, Ciena did $971 million worth of sales -- and earned $0.61 per share.  

Now, this news wasn't quite as good as that makes it sound -- but it was still good enough.  

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Source Fool.com