Infinera Q1 results up on last year
Company posts improvements in revenues, margins and losses
Network firm Infinera has released financial results for Q1 ended March 31, 2018. GAAP revenue for the quarter was $202.7 million compared to $195.8 million in Q42017 and $175.5 million in Q1 2017.
"Our financial performance in Q1 reflects continued strong growth from our next-generation products that offset typical seasonal weakness," said Tom Fallon, Infinera's CEO. "In 2018, we remain focused on winning new customers that will diversify our revenue base, drive multi-year growth and leverage our unique vertically-integrated operating model. We also remain committed to returning to profitability during the second half of 2018."
GAAP gross margin for the quarter was 40.5 percent compared to 24.1 percent in Q4 2017 and 36.5 percent in Q1 2017. GAAP operating margin for the quarter was (12.2) percent compared to (36.0) percent in Q4 2017 and (21.6) percent in Q1 2017.
GAAP net loss for the quarter was $(26.3) million, or $(0.17) per share, compared to a net loss of $(74.0) million, or $(0.50) per share, in Q42017, and net loss of $(40.5) million, or $(0.28) per share, in Q12017.
Non-GAAP gross margin for the quarter was 43.7 percent compared to 37.5 percent in Q4 2017 and 40.3 percent in Q1 2017. Non-GAAP operating margin for the quarter was (3.4) percent compared to (9.3) percent in Q42017 and (11.4) percent in Q12017.
Non-GAAP net loss for the quarter was $(7.2) million, or $(0.05) per share, compared to a net loss of $(18.6) million, or $(0.12) per share, in Q42017, and net loss of $(21.7) million, or $(0.15) per share, in Q12017.
Outlook
Infinera's outlook for the quarter ending June 30, 2018 is as follows: revenue is expected to be in the range of $203 million to $213 million; GAAP gross margin is expected to be 38 percent +/- 200 bps (non-GAAP gross margin is expected to be 42 percent +/- 200 bps); GAAP operating expenses are expected to be $106 million +/- $2 million (non-GAAP operating expenses are expected to be $93 million +/- $2 million); GAAP operating margin is expected to be approximately (13) percent (non-GAAP operating margin is expected to be approximately (3) percent); and GAAP EPS is expected to be $(0.18)+/- $0.02 (non-GAAP EPS is expected to be $(0.05) +/- $0.02).
