Palm Beach, FL 2/3/12 (StreetBeat) -- Shares of optical networking systems company Infinera (Nasdaq: INFN) are trading sharply higher Friday on strong Q4 results.For the quarter, the company posted revenue of $112 million, up from $104 million in Q3, down from $117.1 million a year ago, and ahead of the Street at $97.4 million. The company’s non-GAAP per-share loss of 6 cents was considerably smaller than Street consensus loss forecast of 13 cents.
For Q1, Infinera sees revenue of $102 million to $108 million, with a non-GAAP loss of 10-14 cents a share; the Street has been expecting $102.2 million and a loss of 10 cents a share.
“Our fourth quarter revenue performance was higher than our expectations, and reflects continued solid demand from customers for Infinera’s unique digital optical networks including cable, Tier One and bandwidth wholesale service providers,” CEO Tom Fallon said in a statement. “We benefited from unanticipated year-end budget spending by a number of customers and were able to execute to our disaster recovery process following the historic flooding in Thailand.”
Note that following the results, J.P. Morgan analyst Rod Hall this morning upped his rating on the stock to Neutral from Underweight.
INFN is up $1.18, or 16.1%, to $8.49.
No comments:
Post a Comment