Ciena Corp (NYSE:CIEN) stock fell 2.66% (As on September 5, 11:22:29 AM UTC-4, Source: Google Finance) after the company reported better-than-expected fiscal third quarter results. Non-telco represented 46% of total revenue Direct Cloud Provider revenue grew 9% sequentially India revenue grew 9% sequentially Blue Planet revenue nearly doubled YoY. The company continued traction with cloud providers with strong ramp in 400ZR deployments by 3 Cloud Providers, multiple line system wins, and new MOFN awards. The company surpassed 300 customers for WaveLogic 5 Extreme with 12 new customers added Surpassed 120 Routing and Switching customers using the WL5n pluggable technology.

Further, the company has secure increased orders, particularly from our Service Providers, as they absorb their existing high inventory levels and return to more typical order levels over time. The company do not experience significant deferrals of delivery of the existing backlog and the Service Provider customers are able to absorb existing equipment orders. The company is able to deliver new products according to the roadmap and customer adoption of these products continues to be consistent with our expectations. Given the distinct competitive and technology advantages, the company continues to benefit disproportionately as order flow dynamics return to more typical levels.

CIEN in the third quarter of FY 24 has reported the adjusted earnings per share of 35 cents, beating the analysts’ estimates for the adjusted earnings per share of 26 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue decline of 11.8 percent to $942.31 million in the third quarter of FY 24, beating the analysts’ estimates for revenue by 1.44%. Two 10%-plus customers represented a total 26.6% of revenue. Cash and investments has totaled $1.2 billion and Cash flow used in operations totaled $159.4 million. Average days’ sales outstanding (DSOs) were 100. Accounts receivable, net balance was $899.9 million. Unbilled contract asset, net balance was $142.8 million. Inventories totaled $937.4 million. Ciena’s adjusted (non-GAAP) net income for the fiscal third quarter 2024 was $50.8 million which compares to an adjusted (non-GAAP) net income of $89.1 million, for the fiscal third quarter 2023.

Additionally, under the authorized $1 billion stock repurchase program, repurchased ~0.6 million shares for $29 million, and are targeting $250 million for FY 2024 to complete the plan

For the fourth quarter, the company expects Revenue to be in the range of $1,060M to $1,140M, Adjusted Gross Margin to be between low to mid 40s% and Adjusted Operating Expense to be Approximately $350M.