Infinera Q2 results down on last year
Company well positioned to grow market share and to gradually improve financial performance, says CEO
Network company Infinera has posted results for Q2 2017 (ended July 1, 2017) with GAAP revenue $176.8 million compared to $175.5 million in the first quarter of 2017 and $258.8 million in the second quarter of 2016.
GAAP gross margin for the quarter was 36.7 percent compared to 36.5 percent in the first quarter of 2017 and 47.8 percent in the second quarter of 2016. GAAP operating margin for the quarter was (22.9) percent compared to (21.6) percent in the first quarter of 2017 and 6.2 percent in the second quarter of 2016.
"Highlighted by delivery of ICE4 products to market, I was pleased with our performance in the second quarter," said Tom Fallon, Infinera's CEO. "We delivered the Cloud Xpress 2 to three customers and had early deployments of the XT-3300. As we continue to deliver on a suite of new products over the upcoming quarters, I believe we are well positioned to grow market share and to gradually improve our financial performance."
GAAP net loss for the quarter was $(42.8) million, or $(0.29) per share, compared to a net loss of $(40.5) million, or $(0.28) per share, in the first quarter of 2017, and net income of $11.5 million, or $0.08 per diluted share, in the second quarter of 2016.
Non-GAAP gross margin for the quarter was 40.7 percent compared to 40.3 percent in the first quarter of 2017 and 50.4 percent in the second quarter of 2016. Non-GAAP operating margin for the quarter was (12.2) percent compared to (11.4) percent in the first quarter of 2017 and 13.2 percent in the second quarter of 2016.
Non-GAAP net loss for the quarter was $(22.8) million, or $(0.15) per share, compared to a net loss of $(21.7) million, or $(0.15) per share, in the first quarter of 2017, and net income of $30.9 million, or $0.21 per diluted share, in the second quarter of 2016.
