Ciena's Record Backlog Fails to Boost Stock Price

Ciena's backlog has reached $7.7 billion, a record high for the company.

The increase in backlog is attributed to 'unprecedented demand and a constrained supply environment,' according to CEO Gary Smith.

Ciena's fiscal Q2 revenue grew 40% to $1.57 billion, with adjusted earnings per share nearly quadrupling to $1.64.

The company's growth rate is higher than that of its competitors Cisco and Nokia, which also reported significant revenue increases in their respective quarters.