Infinera Reports second quarter of rising revenue
Infinera, a provider of photonic integrated circuits (PICs) and networks based on the technology, has released financial results for Q2 2016 ended June 25, 2016, showing a second quarter of rising revenue.
GAAP revenue for the quarter was $258.8 million compared to $244.8 million in Q1 2016 and $207.3 million in Q2 2015. GAAP gross margin for the quarter was 47.8 percent compared to 47.5 percent in Q1 2016 and 46.7 percent in Q2 2015. GAAP operating margin for the quarter was 6.2 percent compared to 6.1 percent in Q1 2016 and 8.0 percent in Q2 2015.
GAAP net income for the quarter was $11.5 million, or $0.08 per diluted share, compared to $12.0 million, or $0.08 per diluted share, in Q1 2016, and $17.9 million, or $0.13 per diluted share, in Q2 2015.
"While I am very pleased with our second quarter and year to date financial results, demand is softening in certain areas of our business and we face a difficult near-term revenue outlook," said Tom Fallon, Infinera's CEO.
He added: "Despite the current challenges, I am confident that by continuing to deliver the differentiated technologies and superior service that our customers have come to expect, we will earn significant market share over time across all of the markets that we serve."
Non-GAAP revenue for the quarter was $259.0 million compared to $245.0 million in Q1 2016 and $207.3 million in Q2 2015.
Non-GAAP gross margin for the quarter was 50.4 percent compared to 50.2 percent in Q1 2016 and 47.4 percent in Q2 2015. Non-GAAP operating margin for the quarter was 13.2 percent compared to 12.3 percent in Q1 2016 and 13.0 percent in Q2 2015.
Non-GAAP net income for the quarter was $30.9 million, or $0.21 per diluted share, compared to $28.0 million, or $0.19 per diluted share, in Q1 2016, and $25.7 million, or $0.18 per diluted share, in Q2 2015.
