Ciena posts quarterly revenue of $744 million, tax benefit of $1.13 billion

Ciena reported revenue of $744.4 million for its fourth quarter of fiscal 2017, ended 31-October-2017, as compared to $716.2 million for the fiscal fourth quarter 2016. For fiscal year 2017, Ciena reported revenue of $2.80 billion, as compared to $2.60 billion for fiscal year 2016.

Ciena’s fiscal fourth quarter and fiscal year 2017 results reflect a tax benefit of $1.13 billion related to the reversal of a deferred tax asset valuation allowance. As a result, GAAP net income for Q4 was $1.16 billion, or $7.32 per diluted common share, which compares to a GAAP net income of $36.6 million, or $0.25 per diluted common share, for Q4 2016.

For fiscal year 2017, Ciena had a GAAP net income of $1.26 billion, or $7.53 per diluted common share, which compares to a GAAP net income of $72.6 million or $0.51 per diluted common share for fiscal year 2016.

Revenue by Geography

North America   $440.5

EMEA                $110.7

CALA                 $43.5

APAC                 $149.7

Separately, Ciena’s Board of Directors authorized a program to repurchase up to $300 million of the company’s common stock through the end of fiscal 2020.