Why Infinera Stock Jumped Today
Shares of Infinera (NASDAQ: INFN) are skyrocketing today after the company reported its second-quarter results on Wednesday. Infinera easily beat Wall Street's estimates in the quarter, which led investors to push up the company's share price by as much as 18.6% today. The stock was up 14.3% as of 12:35 p.m. EDT Thursday.
Second-quarter adjusted revenue increased 8% to $332.6 million, beating analysts' consensus estimate of $319.2 million. Additionally, the company's adjusted loss of $0.09 per share was better than Wall Street's estimate of a loss of $0.14.
CEO Tom Fallon said in a press release, "We are managing the operational impacts of COVID-19 and are continuing to take the necessary measures to reduce costs and improve working capital utilization as macroeconomic uncertainty in our industry continues."
Source Fool.com
