Reuters: Hot Stocks: UPDATE 1-Network gear maker Ciena rides on raised carrier spending

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UPDATE 1-Network gear maker Ciena rides on raised carrier spending Sep 4th 2013, 11:52 Wed Sep 4, 2013 7:52am EDT * Expects fourth-quarter revenue $550 mln-$580 mln vs est $551.4 mln * Third-quarter adjusted profit/share $0.23 vs est $0.16 * Third-quarter revenue $538.4 mln vs est $533.5 mln * Shares up as much as 11 pct premarket (Adds details, analysts' estimates; updates share movement) Sept 4 (Reuters) - Network equipment maker Ciena Corp forecast strong revenue for the current quarter as it gains from a recovery in spending by telecom carriers, its biggest customers. Ciena shares jumped 11 percent in premarket trading on the outlook and better-than-expected results. The company, whose biggest customer last year was AT&T Inc , forecast fourth-quarter revenue of $550 million to $580 million. Analysts on average were expecting $551.4 million, according to Thomson Reuters I/B/E/S. Major U.S. telecom companies are upgrading their wireless and wireline networks, creating a big demand for network gear made by Ciena and rivals such as Juniper Networks Inc. AT&T said in November it would boost capital spending by 16 percent to $22 billion a year for the next three years. Verizon Communications Inc, also one of Ciena's top customers, boosted its capital spending budget in July. Ciena's net loss narrowed to $1.2 million, or 1 cent per share, in the third quarter, helped by lower costs. Gross margin rose to 42.4 percent from 38.2 percent. Revenue rose 14 percent to $538.4 million. Excluding items, the company posted a profit of 23 cents per share. Analysts on average had expected earnings of 16 cents on revenue of $533.5 million. Shares of the company, which makes equipment that expands the capacity of data transfer over fiber-optic networks, were trading at $22.88 in premarket trading on Wednesday. (Reporting by Neha Alawadhi in Bangalore; Editing by Joyjeet Das and Saumyadeb Chakrabarty) Link this Share this Digg this Email Reprints

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