An increase in revenue pushed profits up 42 per cent for networking-equipment maker Ciena Corporation during its most recent quarter.
The Maryland-based company, which has a significant presence in Ottawa, reported revenue of US$670.6 million during the three-month period that ended on July 31. That’s up 11 per cent from US$602.9 million during the same period last year.
The company’s GAAP net income during the quarter was US$33.5 million, a 42 per cent increase from the $23.6 million it reported a year ago.
OBJ360 (Sponsored)

Don’t get left behind: Keep pace with the job market by AI upskilling at uOttawa
uOttawa’s Paula Branco was a math teacher in Portugal for more than a decade before deciding to boost her career by going back to school. “I’m one of those people

Is your company a Best Place to Work?
Even in uncertain economic times, you can take this to the bank. The most successful companies are those with the highest employee engagement. That’s why the Ottawa Business Journal and
The company’s adjusted, non-GAAP, earnings were US$67.6 million, up from $50.7 million at the same time in 2015.
“We posted strong results on all financial operating metrics in our fiscal third quarter, continuing a trend of consistently improving financial performance and demonstrating the value of having a diversified business to manage through market dynamics,” Gary B. Smith, the company’s president and CEO, said in a release.
Ciena is forecasting continued growth, projecting revenues of between $700 and $730 million for its fourth quarter.
“Through strategic investments to broaden our portfolio, market application and customer and geographic base, we have positioned Ciena to deliver sustainable long-term growth and increased profitability,” Mr. Smith said.
Shares in Ciena (NYSE: CIEN) were up US$1.62 to US$23.08 in late afternoon trading on Thursday.
Ciena employs more than 1,500 people in Ottawa.