Infinera: Q1 Earnings Snapshot
SAN JOSE, Calif. (AP) _ Infinera Corp. (INFN) on Tuesday reported a loss of $48.3 million in its first quarter.
The San Jose, California-based company said it had a loss of 24 cents per share. Losses, adjusted for one-time gains and costs, were 3 cents per share.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.
The communications equipment maker posted revenue of $330.9 million in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $331.3 million.
For the current quarter ending in July, Infinera said it expects revenue in the range of $334 million to $354 million.
Infinera shares have declined 16% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.79, a rise of 53% in the last 12 months.