Infinera reports increased losses and lower margins
Network company Infinera has released financial results for its first quarter ended April 1, 2017. GAAP revenue for the quarter was $175.5 million compared to $181.0 million in Q4 2016 and $244.8 million in Q1 2016.Â
GAAP gross margin for the quarter was 36.5 percent compared to 38.1 percent in Q4 2016 and 47.5 percent in Q1 2016. GAAP operating margin for the quarter was (21.6) percent compared to (25.3) percent in Q4 2016 and 6.1 percent in Q1 2016.
GAAP net loss for the quarter was $(40.5) million, or $(0.28) per share, compared to a net loss of $(36.3) million, or $(0.25) per share, in Q4 2016, and net income of $12.0 million, or $0.08 per diluted share, in Q1 2016.
"We started the year with a solid first quarter, exceeding our financial guidance and moving closer to bringing our new Infinite Capacity Engine products to market," said Tom Fallon, Infinera's CEO.
"With network architectures and customer requirements evolving rapidly, we are seeing increasing opportunities to deliver scalable network solutions that enable our customers' go-to-market strategies. As we deliver new products in upcoming quarters and new optical engines every few years, I believe we are well positioned to extend our technology differentiation and return to delivering strong financial results."
Non-GAAP gross margin for the quarter was 40.3 percent compared to 41.8 percent in Q4 2016 and 50.2 percent in Q1 2016. Non-GAAP operating margin for the quarter was (11.4) percent compared to (9.2) percent in Q4 2016 and 12.3 percent in Q1 2016.
Non-GAAP net loss for the quarter was $(21.7) million, or $(0.15) per share, compared to a net loss of $(17.0) million, or $(0.12) per share, in Q4 2016, and net income of $28.0 million, or $0.19 per diluted share, in Q1 2016.
