Ciena Corp. (NASDAQ:CIEN) saw increased revenue and a lower net loss in the third quarter of 2013, according to financial results released Wednesday.
The networking equipment manufacturer, which is based in Maryland but has around 30 per cent of its employees in Ottawa, reported revenue of $538.4 million for the three-month period ended July 31.
That’s up 13.6 per cent over the $474.1 million recorded during the same period last year.
The company’s GAAP net loss continued to decline to $1.2 million, or one cent a share, down from a loss of $29.8 million a year ago.
“We have increased our market share, achieved steady growth and delivered improved and more consistent financial performance over the last several quarters," said Gary Smith, the company’s president and CEO, in a news release.
The company expects this growth to continue, with predicted revenue of between $550 and $580 million for the fourth quarter of 2013.
"We believe that by expanding our role in the industry and extending our reach within our markets, we will be positioned to deliver greater profitability that is more sustainable over time," said Mr. Smith.
The company’s gross margin increased slightly to 42.4 per cent during the most recent quarter from 38.2 per cent in the same period last year. Ciena attributed this to lower costs.
Ciena's stock was up $2.46 to $23.14 as of just before 11 a.m. on Wednesday morning.