Ciena Corp (NYSE:CIEN) reported better-than-expected results for its fiscal second quarter on Thursday.

The company posted  revenue decline of 19.6% year-on-year to $910.80 million, beating the analyst consensus estimate of $894.94 million. The American telecommunications networking equipment and software services supplier reported an adjusted EPS of 27 cents, beating the analyst consensus estimate of 15 cents, according to data from Benzinga Pro.

CEO Gary Smith said, "With continued robust growth in bandwidth demand, we remain focused on extending our leadership in optical as a foundation for expanding our addressable market."

During first-quarter print Ciena said it expects fiscal 2024 revenue of $4 billion – $4.3 billion (2024 revenue estimate $4.11 billion) and adjusted gross margin in the mid-40s%.

Ciena shares rose 0.7% to close at $48.56 on Thursday.

These analysts made changes to their price targets on Ciena after the company reported quarterly results.

• Needham cut the price target on Ciena from $65 to $60. Needham analyst Ryan Koontz maintained a Buy rating.
• Rosenblatt raised Ciena price target from $52.5 to $54. Rosenblatt analyst Mike Genovese maintained a Neutral rating on the stock.
• Raymond James analyst Simon Leopold downgraded Ciena from Strong Buy to Outperform and lowered the price target from $59 to $54 on Thursday.

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