Tech Industry

Ciena surges on Korea Telecom deal

Ciena Corp. (Nasdaq: CIEN) surged Monday after it announced that Korea Telecom has selected its MultiWave Metro system in a deal to deploy optical transport systems in Korea.

Shares were up 9.06 to 129.81, or 8 percent, Monday. The stock fell recently after it announced a charge from customer default.

Korea Telecom will use Ciena's Metro systems across 7 metropolitan fiber rings throughout Korea, including Seoul. The companies said this is the largest Asian deployment of intelligent optical transport systems for metropolitan area networking.

Ciena officials said they expect to see Asia's metro optical networking market continue to develop in the coming years, and Korea Telecom's deployment positions Ciena well for future growth in Asia.