Shares of Ciena Corporation (NYSE: CIEN) surged to multi-year highs on Thursday after the communications equipment manufacturer reported better than expected top- and bottom-line results, extending a streak of above-trend growth that has taken analysts by surprise.\r\n\r\n \r\nQ2 Earnings Update\r\n\r\n \tEarnings Per Share: $0.33 GAAP, $0.48 adjusted (non-GAAP)\r\n \tRevenue $865.0 million\r\n \tAnnual Revenue Growth: 18.5%\r\n\r\n \r\nFourth Consecutive Earnings Surprise\r\n\r\n\r\nFor a fourth consecutive quarter, Ciena's earnings surpassed estimates, this time by a wide margin, underscoring strong business growth in the high-speed network segment. In the quarter ending April 2019, Ciena generated per-share earnings of $0.33 on revenues of $865 million. That represents an earnings surprise of 20% compared with estimates. The revenue growth was nearly 6% higher than what analysts had forecast.\r\n\r\nThe company's revenues have grown by a whopping 18.5% year-over-year.\r\n\r\nAlthough the bulk of Ciena's revenues come from networking platforms, the company has successfully grown its other business segments as well. Software and software-related services as well as global services registered strong growth compared with Q2 2019.\r\n\r\nCiena's management team gave investors a favourable outlook on what's to come. President and CEO Gary Smith says the company has enjoyed strong market share gains that should continue in the second half of the year.\r\n\r\n"We are entering the second half with strong visibility and increased confidence for the full fiscal year supported by favourable industry dynamics and growing competitive advantage," he said in the official press release.\r\n\r\n \r\nStock Rally Gathers Strength\r\nCiena's stock was among the market's top performers on Thursday, peaking at $45.43 in New York trading. That's a gain of more than 26% from Wednesday's closing price.\r\n\r\nAt current values, CIEN has not only outperformed its February peak, but is on track to set a new multi-year high that rivals anything we've seen since the 2008 financial crisis. The rally has pushed CIEN well above the 50-day moving average, which is normally viewed as a bullish sign.\r\n\r\n\r\n\r\nAt current values, Ciena has a total market capitalization of around $7 billion.\r\n\r\nThe stock vastly outperformed the Nasdaq Composite Index on Thursday. The technology-focused average is coming off back-to-back gains, recovering from its recent fall to four-month lows.\r\n\r\n \r\nConclusion\r\nThe sudden surge in Ciena's stock price reflects pent-up demand for a company that has struggled since February to keep pace with the broader market. CIEN is expected to become more valuable in the event that the U.S.-China trade war rages on. J.P. Morgan Chase cited Ciena as one of a handful of technology infrastructure companies that could benefit from new restrictions on Huawei.\r\n\r\nRead more: Huawei Saga Takes Another Unexpected Turn.\u00a0\r\n\r\nDisclaimer: Author holds no investment position in Ciena Corporation at the time of writing.