Infinera Corp. (NASDAQ: INFN) shares vaulted in price Thursday after reporting better-than-expected quarterly results.
The company out of Sunnyvale, California reported Wednesday that GAAP revenue for the quarter was $195.8 million compared to $192.6 million in the third quarter of 2017 and $181.0 million in the fourth quarter of 2016.
GAAP gross margin for the quarter was 24.1% compared to 35.2% in the third quarter of 2017 and 38.1% in the fourth quarter of 2016. GAAP operating margin for the quarter was (36.0)% compared to (17.8)% in the third quarter of 2017 and (25.3)% in the fourth quarter of 2016.
GAAP net loss for the quarter was $(74.0) million, or $(0.50) per share, compared to $(37.2) million, or $(0.25) per share, in the third quarter of 2017 and $(36.3) million, or $(0.25) per share, in the fourth quarter of 2016.
"In Q4 we made some difficult but necessary decisions to re-position the company for crisper execution and increased focus on our go to market strategy,” said Tom Fallon, Infinera’s Chief Executive Officer.
"With our full product refresh nearing completion, positive sales momentum ending the year, and a significant pipeline of opportunities, we enter 2018 with confidence that our recent positive revenue trajectory will continue."
Infinera provides Intelligent Transport Networks, enabling carriers, cloud operators, governments and enterprises to scale network bandwidth, accelerate service innovation and automate optical network operations. Infinera’s end-to-end packet-optical portfolio is designed for long-haul, subsea, data center interconnect and metro applications
Infinera shares approached noon ET Thursday flying high, gaining $1.94, or 28.1%, to $8.84.