12:59 PM EST, 12/12/2024 (MT Newswires) -- (Updates with the stock price movement and revenue outlooks in the headline and first and second paragraphs.)

Ciena (CIEN) shares rose past 14% in recent Thursday trading after Chief Financial Officer James Moylan said the company expects fiscal year 2025 and three-year revenue growth to be higher.

Moylan said in an earnings call that Ciena now expects average annual revenue growth over the next three years of about 8% to 11%. Revenue growth in fiscal 2025 is also expected to be in the range of 8% to 11%, Moylan said. The company's previous long-term target was 6% to 8%.

Earlier Thursday, the company reported fiscal Q4 adjusted net income of $0.54 per diluted share, down from $0.75 a year earlier. Analysts polled by FactSet expected $0.65.

Revenue for the quarter ended Nov. 2 was $1.12 billion, down from $1.13 billion a year earlier. Analysts surveyed by FactSet expected $1.10 billion.

Price: 83.77, Change: +10.56, Percent Change: +14.42