Ciena Corporation (NYSE:CIEN) Q3 2019 Earnings Conference Call - Final Transcript
Sep 05, 2019 • 08:30 am ET
Good morning. My name is Sharon and I'll be your conference operator today. At this time, I would like to welcome everyone to the Ciena's Fiscal Third Quarter 2019 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session.
Thank you. Mr. Gregg Lampf, Vice President, Investor Relations, you may begin your conference.
Thank you, Sharon. Good morning and welcome to Ciena's 2019 fiscal third quarter review. With me today is Gary Smith, President and CEO; and Jim Moylan, CFO. Scott McFeely, our Senior Vice President of Global Products and Services will join us for the Q&A portion of today's call.
In addition to this call and the press release, we have posted to the Investors section of our website an accompanying investor presentation that reflects this discussion as well as certain highlighted items from the quarter. Our comments today speak to our fiscal third quarter financial performance, our current view of the market environment and our industry position, as well as our guidance for the fiscal fourth quarter and some commentary around fiscal 2020.
Before turning the call over to Gary, I will remind you that during this call we will be making certain forward-looking statements. Such statements including our guidance and any commentary about our long-term financial targets are based on current expectations, forecast and assumptions regarding the company and its markets that include risks and uncertainties that could cause actual results to differ materially from the statements discussed today.
These statements should be viewed in the context of the risk factors detailed on our most recent 10-Q filing and in our upcoming 10-Q filing, which is required to be filed with the SEC by September 12, and we expect to file by that date.
Today's discussion also includes certain adjusted or non-GAAP measures of Ciena's results of operations. A detailed reconciliation of these non-GAAP measures to our GAAP results is included in today's press release. Ciena assumes no obligation to update the information discussed in this conference call whether as a result of new information, future events or otherwise.
With that, I will turn the call over to Gary.
Gary B. Smith
Thanks, Gregg, and good morning, everyone. Today we reported a very strong quarterly performance, as we gained benefit from our strong competitive position within the industry and continue to gain market share.
Third quarter revenue was up 17% year-over-year and more than 10% sequentially. North America contributed significantly in the quarter including from service providers and our web-scale customers. And in fact for the first time ever, our top customer in the quarter was a web-scale company, followed closely by Tier-1 service provider.
EMEA also had a strong performance in Q3, up nearly 50% sequentially largely on the strength of our web-scale business even as some of our more recent service provider design wins have yet to ramp in EMEA.
In addition to meaningfully outpacing market growth from a revenue standpoint so