Infinera reported Q1 2020 GAAP revenue of $330.3 million, compared to $384.6 million in the fourth quarter of 2019 and $292.7 million in the first quarter of 2019.
GAAP gross margin for the quarter was 23.3% compared to 29.0% in the fourth quarter of 2019 and 22.7% in the first quarter of 2019. GAAP operating margin for the quarter was (23.3)% compared to (15.8)% in the fourth quarter of 2019 and (38.2)% in the first quarter of 2019.
GAAP net loss for the quarter was $(99.3) million, or $(0.55) per share, compared to $(66.6) million, or $(0.37) per share, in the fourth quarter of 2019, and $(121.6) million, or $(0.69) per share, in the first quarter of 2019. Non-GAAP net loss for the quarter was $(49.4) million, or $(0.27) per share, compared to a net income of $6.4 million, or $0.03 per share, in the fourth quarter of 2019, and net loss of $(41.2) million, or $(0.23) per share, in the first quarter of 2019.
“While facing impacts associated with the COVID-19 pandemic, we continued to service our customers and deliver year-over-year growth in revenue and orders during the quarter,” said Tom Fallon, Infinera CEO. “While the macro-economic environment creates visibility challenges for the second half of the year, we are on track for ICE6 delivery this year and remain very optimistic about the opportunity we see for Infinera in the medium and long term, driven by our truly differentiated performance in the fast-growing high-capacity optical market.”
Infinera's outlook for the quarter ending June 27, 2020 includes:
- GAAP revenue is expected to be $319 million +/- $10 million. Non-GAAP revenue is expected to be $320 million +/- $10 million.
- GAAP gross margin is expected to be 29% +/- 200 bps. Non-GAAP gross margin is expected to be 33% +/- 200 bps.
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