Why Infinera Stock Popped Today
Shares of (NASDAQ: INFN) were up 15.2% as of 3 p.m. ET Thursday after the optical networking equipment company announced strong preliminary third-quarter 2023 results.
More specifically, Infinera's quarterly revenue should be in the range of $378 million to $392 million, translating to adjusted non-GAAP (generally accepted accounting principles) net income of $0.03 to $0.08. Both ranges are well above Infinera's previous guidance, which called for revenue of $361 million to $391 million and adjusted earnings ranging from a loss of $0.06 per share to net income of $0.02 per share. Analysts, on average, were modeling a loss of $0.01 per share on revenue of $377 million.
Infinera CEO David Heard noted that all key preliminary metrics -- including revenue, gross margin, operating margin, and earnings per share -- arrived above expectations.
Source Fool.com
