Infinera, a provider of Intelligent Transport Networks, has published financial results for its first quarter of the year, which ended March 30th, 2019.
Revenue for the quarter was US$295.6 million compared to US$336.6 million in Q4, 2018, and US$202.7 million in Q1, 2018. Goss margin for the latest quarter was 35.3% compared to 31.8% in Q4, 2018, and 43.7% in Q1, 2018 (all figures reported here are non-GAAP).
Operating margin for the quarter was (11.9)% compared to (10.5)% in the Q4, 2018 and (3.4)% in Q1, 2018. Net loss for the quarter was US$41.2 million, or US$(0.23) per share, compared to a net loss of US$44.2 million, or US$(0.25) per share, in Q4, 2018, and a net loss of US$7.2 million, or US$(0.05) per share, in Q1, 2018.
Tom Fallon, Infinera CEO (pictured), commented, “In the first quarter of 2019, we made significant progress on the integration of our new company and in executing on our committed synergies. While a significant deployment did not progress as expected, I am encouraged by the strong bookings outlook we see for second quarter of 2019 and our continued trend of building backlog and engaging with a much larger customer base. We are committed to capitalising on this momentum and expect to return to non-GAAP profitability in the fourth quarter of this year.”
Infinera’s outlook for the quarter ending June 29, 2019 is as follows (all forecast figures are also based on non-GAAP principles): revenue is expected to be US$300 million (+/- US$10 million); gross margin is expected to be 30% (+/- 200 basis points); operating expenses are expected to be US$135 million (+/- US$3 million); and operating margin is expected to be approximately (15)%.
Separately, Brad Feller, Infinera’s CFO, has informed the company of his intention to resign as CFO effective as of a date still to be determined no later than the end of the third quarter of fiscal 2019. Infinera has agreed with Feller that he will continue to serve as CFO during this transition period while Infinera conducts a search for his successor.
“On behalf of the board of directors and executive team, I would like to thank Brad for his selfless service and valuable contributions to Infinera over the past five years, including his leadership in helping us with the strategic acquisition and integration of Coriant,” said Tom Fallon. “We all wish him well in his future endeavours.”
For more information, visit www.infinera.com