Ciena

Analysis and opinion on 3Q25 company results.

Pluggable coherent is transforming optical transport, replacing embedded optics to and extending the benefits of pluggables to traditional optical transport hardware.

The Four Horseman of AI scaling: CPO, OCS, 1.6T, and 800ZR/Coherent Lite

This report initiates our coverage of Coherent Lite.

The market recovery accelerated in 2Q with Cloud & Colo spending rocketing 50%.

The worldwide optical transport market accelerated in 2Q as cloud and colo spending rocketed 50% worldwide.

Ciena hit record revenue with Cloud customers, while Service Provider sales slowly recovered.

The Optical and Routing markets show signs of recovery, and tariffs aren’t yet affecting business.

The Optical and Routing markets show signs of recovery, and tariffs aren’t yet affecting business.

A Focus on Line Systems and Components

Uncovering who uses which DSP, and which DSP vendors ship the most volume.

Ciena’s SP business is on the rebound, but where is the AI Cloud surge?

This first deployment uses an early release of Juniper’s JCO800 coherent optics in the PTX

Carrier caution has resulted in underinvestment, and networks are now running “hot” enough to require upgrades and expansion.

Carrier caution has resulted in underinvestment, and networks are now running “hot” enough to require upgrades and expansion.

Coherent pluggable optics were responsible for all the telecom bandwidth growth in 2024, and will account for most of the future growth.

Big ramp in 400ZR shipments, service provider orders outpace revenue for the first time in two years.

Optical spending by Cloud & Colo operators grew 7% worldwide, while spending by Service Providers declined -17%.

Join euNetworks, Ciena, and Coherent to learn how Open Line Systems allow service providers to meet the challenges of DCI and wavelength services.

Optical sales fall -14%, but are buffered by strong sales to Cloud and Colo operators.