Ciena Corporation (NYSE:CIEN) stock fell 1.04% (As on December 8, 11:05:40 AM UTC-4, Source: Google Finance) after the company reported strong growth in sales and profit in the fourth quarter boosted by strong optical networking sales. Two customers represented 10%-plus of revenue for the fiscal fourth quarter 2023, combining for a total of 29.7% of revenue. Two customers represented 10%-plus of revenue for the fiscal year 2023, combining for a total of 23.4% of revenue. Cash and investments at the end of fiscal year 2023 totaled $1.25 billion. Cash flow from operations totaled $195.5 million and $168.3 million for the fiscal fourth quarter and the fiscal year 2023, respectively. Average days’ sales outstanding (DSOs) were 92 and 95 for the fiscal fourth quarter and the fiscal year 2023, respectively. Accounts receivable, net balance was $1.00 billion. Unbilled contract assets, net balance was $150.3 million. Product inventory turns were 2.0 for both the fiscal fourth quarter and the fiscal year 2023. Headcount totaled 8,483 at the end of fiscal year 2023. Adjusted operating expenses were $337.6 million, a 7.9% rise from the fiscal fourth quarter of 2022. Adjusted (non-GAAP) net income for the quarter was $111.2 million, rising from $90.9 million, the year before.

CIEN in the fourth quarter of FY 23 has reported the adjusted earnings per share of 75 cents, beating the analysts’ estimates for the adjusted earnings per share of 69 cents. The company had reported the adjusted revenue of $1.13 billion in the fourth quarter of FY 23, beating the analysts’ estimates for revenue of $1.1 billion. The networking systems, services and software company said in the financial fourth quarter ended October 28 revenue rose to $1.13 billion from $971 million the year before.  Within this, optical-networking sales jumped 15% to $748 million. Revenue by segment showed that Optical Networking contributed the most with $748.0 million in the fiscal fourth quarter, followed by Routing and Switching at $128.9 million. The company’s Global Services segment brought in $150.5 million in revenue.

Additionally, during the fourth quarter, the company repurchased approximately 4.2 million shares of common stock for an aggregate price of $188.8 million during the quarter.

Looking ahead, as the company executes on the strategy to extend the market leadership in optical while expanding the opportunities in routing and switching, the company expects to continue to grow revenue faster than the market and take share.