Ciena reported Q3 2024 results that show a modest QoQ revenue increase and a continued expansion in gross margin, but net profitability remains soft and free cash flow was negative. Revenue reached 942.31 million USD, up from 910.83 million USD in the prior quarter, reflecting a cautious recovery in telecom capex and ongoing macro headwinds. Gross profit was 403.95 million USD (gross margin of 42.9%), while operating income was 26.74 million USD (operating margin 2.84%), and net income stood at 14.23 million USD (net margin 1.51%). EBITDA was 74.46 million USD with an EBITDA margin of 7.9%. Despite the top-line resilience, OCF was negative at -159.38 million USD and free cash flow registered -178.98 million USD, driven largely by working capital outflows and a sizeable catch-up in receivables and inventory management. The balance sheet remains liquidity-rich, with total cash and cash equivalents of ~883.37 million USD and net debt of ~713.26 million USD. Solid liquidity (current ratio ~4.06, quick ratio ~2.99) provides a cushion amid ongoing industry cyclicality. The results reflect a company navigating a usership-specific mix and a more selective capex cycle while continuing to invest in R&D and platform software to position for longer-term growth in optical and software-defined networks.