Leading optical transport network developer, Infinera Corp. INFN reported disappointing financial results in second-quarter of 2017 wherein both the top and bottom line fell below the Zacks Consensus Estimate.
The company reported quarterly GAAP net loss of $42.8 million or a loss of 29 cents per share compared with the year-ago net income of $11.5 million or 8 cents per share. Infinera’s adjusted loss per share of 24 cents was a penny higher than the Zacks Consensus Estimate.
Quarterly total revenue came in at $176.8 million, down 31.7% year over year, missing the Zacks Consensus Estimate of $181.3 million. Segment-wise, product revenues were $143.4 million, down 37% year over year. Services revenues increased 6.9% to nearly $33.5 million. Domestic revenues contributed 63% to the total revenue, while the remaining 37% was generated from international markets.
In the second quarter of 2017, Infinera generated a negative $15 million of cash from operations as opposed to a positive $28.2 million in the prior-year quarter. Free cash flow in the reported quarter was a negative $54.2 million against a positive $4.9 million in the year-ago quarter.
At the end of the second quarter of 2017, Infinera had $257.8 million of cash and cash equivalents and marketable securities compared with $304.3 million at the end of 2016. Total debt at the end of the second quarter of 2017 was $139.1 million compared with $133.6 at the end of 2016.
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