Ciena reported revenue of $844.4 million for its first fiscal quarter ended January 29, 2022 as compared to $757.1 million for the fiscal first quarter 2021.
Ciena's GAAP net income for the fiscal first quarter 2022 was $45.8 million, or $0.29 per diluted common share, which compares to a GAAP net income of $55.3 million, or $0.35 per diluted common share, for the fiscal first quarter 2021. Ciena's adjusted (non-GAAP) net income for the fiscal first quarter 2022 was $72.6 million, or $0.47 per diluted common share, which compares to an adjusted (non-GAAP) net income of $81.3 million, or $0.52 per diluted common share, for the fiscal first quarter 2021.
“First quarter revenue grew more than 10% year-over-year and continued broad-based demand drove very strong orders growth in the quarter, providing us additional visibility for the fiscal year," said Gary Smith, president and CEO of Ciena. "We expect our strategic investments to drive a significant increase in supply chain capacity in the second half, and therefore remain confident in our ability to address demand and achieve the strong revenue growth we expect for the fiscal year.”
On an investor call, Ciena executives announced a suspension of operations in Russia and cited specific supply chain disruptions that happened late in its first quarter and which occurred within an already challenged logistics environment that was worsened by the Omicron surge. Ciena said it has subsequently managed through those specific disruptions that occurred in Q1 and that long-term secular demand is very strong, driven by the acceleration of cloud adoption and traffic growth and the desire to get higher capacity and more bandwidth closer to the end user.
