Infinera Corp - INFN STOCK NEWS

Infinera Corporation (NASDAQ: INFN) reported a strong Q3 2020, with GAAP revenue of $340.2 million, up from $331.6 million in Q2 2020 and $325.3 million in Q3 2019. GAAP gross margin improved to 31.8% from 29.4% sequentially. Net loss decreased to $(35.9) million or $(0.19) per share, compared to $(61.6) million in Q2 2020. Non-GAAP metrics also showed improvement, with revenues at $341.2 million and net income of $4.2 million. For Q4 2020, Infinera expects GAAP revenue of $354 million +/- $15 million.

Infinera (NASDAQ: INFN) has secured a contract with the U.S. Department of Energy’s Energy Sciences Network (ESnet) to develop the optical substrate for the ESnet6 network. This next-gen architecture will enhance data traffic management, leveraging Infinera's GX Series and FlexILS systems. The project aims to support a doubling of science data traffic every 20 months, enabling 400 Gigabit Ethernet services. The deployment took place over 15,000 miles of fiber, showcasing rapid completion even amid a pandemic.

Infinera (NASDAQ: INFN) announced a partnership with Telecom Infra Project (TIP) and Telefónica Peru to deploy a Disaggregated Cell Site Gateway (DCSG) solution using Infinera's DRX-30 hardware and Converged Network Operating System (CNOS). This initiative is part of Telefónica's Fusión Project aimed at upgrading its transport network for enhanced 4G and 5G services. The deployment will utilize configurations supporting up to 600G, improving operational efficiency and agility in launching new services.

Infinera Corporation (NASDAQ: INFN) will announce its third-quarter financial results for fiscal 2020 on November 5, 2020, after market close. A conference call to discuss these results and the outlook for Q4 will take place at 5:00 p.m. ET. Investors can access the call live via the company's website and participate through a toll-free dial-in.

The replay of the audio webcast will be available shortly after the live session concludes. This call represents an important opportunity for investors to gain insights into the company's financial health.

Infinera (NASDAQ: INFN) and Seaborn Networks announced the launch of submarine network services on Seaborn's AMX-1 segment, enhancing connectivity between the U.S. and Brazil. Utilizing Infinera's XT Series submarine network platforms and Infinite Capacity Engine (ICE) technology, the new network offers improved architecture and spectral efficiency, allowing for optical bypass of cable landing stations. This development aims to meet the rising demand for bandwidth across the Americas, leveraging Infinera's proven optical engines to reduce operational costs and enhance service quality.

Infinera announced the deployment of its 7300 Series Multi-haul Transport Platform by KT Corporation, South Korea’s largest telecom provider, to enhance its nationwide 5G services. This platform supports secure 200G transmission, enabling KT to efficiently scale its network as it expands 5G coverage to 24 major cities. The cost-effective solution reduces initial and equipment sparing costs while optimizing fiber use. Infinera's partnership with Daesung Infotech ensures tailored solutions for KT’s needs.

Infinera announced the deployment of its GX Series G30 Compact Modular Platform by Vogel Telecom, enhancing its network capacity in Brazil. This upgrade addresses the surge in bandwidth demand due to the COVID-19 pandemic, particularly on the high-demand route between São Paulo and Belo Horizonte. Vogel's national fiber network spans over 26,000 km, servicing over 600 cities. The deployment not only responds to immediate needs but also sets the stage for future scalability with Infinera’s ICE6 technology.

Infinera Corporation (NASDAQ: INFN) announced a leadership transition plan, with CEO Tom Fallon stepping down and COO David Heard succeeding him by late 2020. Fallon, who has served 17 years at Infinera and 11 as CEO, will remain on the Board. This transition aims to ensure continuity in leadership and growth, as Heard has substantial experience in executive roles. Additionally, Kambiz Hooshmand will resign as Chairman of the Board, with George Riedel taking over. The company focuses on maintaining growth amidst various industry challenges, including the impacts of the COVID-19 pandemic.

Infinera Corporation (NASDAQ: INFN) reported second-quarter 2020 results, achieving GAAP revenue of $331.6 million, up from $330.3 million in Q1 2020 and $296.3 million in Q2 2019. GAAP gross margin improved to 29.4% from 23.3% in Q1 2020. Despite a net loss of $(61.6) million, or $(0.33) per share, the loss declined from $(99.3) million in Q1. For Q3 2020, GAAP revenue is projected at $334 million +/- $10 million with gross margin expectations of 30.5%.