Ciena Corp CIEN reported a fiscal third-quarter 2024 revenue decline of 11.8% year-on-year to $942.3 million, beating the analyst consensus estimate of $927.2 million.

The American telecommunications networking equipment and software services supplier reported an adjusted EPS of $0.35, beating the analyst consensus estimate of $0.26.

Segments: Total Networking Platforms revenue declined by 17.4% Y/Y to $699.5 million, and Total Global Services increased by 3.5% Y/Y to $133.8 million.

Margins: The adjusted gross margin climbed by 100 bps to 43.7%. Adjusted operating margin decreased by 400 bps to 8.0%.

Two 10%-plus customers represented a total of 26.6% of revenue.

Ciena held $1.2 billion in cash and equivalents and used $(159.4) million in operating cash flow.

“We delivered strong results for the fiscal third quarter that reflect growing momentum with cloud providers and continued gradual recovery with service providers,” CEO Gary Smith said.

CFO Transition: Ciena announced that CFO James E. Moylan, Jr., plans to retire in twelve months, effective August 28, 2025. The company will commence a search process to identify a successor. Moylan will continue to serve as CFO until a successor is in place and will assist in transitioning his responsibilities.

Ciena stock gained over 15% in the last 12 months.

Price Action: CIEN stock traded higher by 1.36% at $56.10 premarket at the last check on Wednesday.