Ciena delivered a solid fiscal first quarter 2025, with total revenue of $1.07225 billion, adjusted gross margin of 44.7%, and adjusted EPS of $0.64. Management highlighted robust demand dynamics across service providers and cloud customers, led by AI/ML traffic growth and cloud‑provider network expansion. Cloud revenue accounted for ~32% of total revenue, while service providers contributed ~51%, signaling a diversified demand mix as CIEN scales its high‑speed networking platforms (WaveLogic) and interconnects portfolio. The quarter featured expansive WaveLogic 6 Extreme adoption (25 customers) and a strong pluggables cadence, including progress toward 800G and 1.6Tbps capabilities, reinforcing CIEN’s leadership in high‑speed optical networks. Management reaffirmed guidance for fiscal 2025 (8%–11% revenue growth, 42%–44% gross margin for the year) and targeted share repurchases of roughly $330 million, underscoring upside optionality from cloud‑driven AI infrastructure investment. However, the company faces macro/ tariff uncertainties and a dynamic tariff environment, which they explicitly did not bake into near‑term guidance. Overall, CIEN’s positioning remains favorable due to blue‑chip customer relationships, a broadening addressable market (data center adjacency, MOFN opportunities), and leadership in coherent optics—a combination that supports a constructive mid‑ to long‑term investment thesis.