Infinera reported GAAP revenue of $330.9 million for its first quarter ended March 27, 2021. This compares to $353.5 million in the fourth quarter of 2020 and $330.3 million in the first quarter of 2020.
GAAP gross margin for the quarter was 35.4% compared to 35.7% in the fourth quarter of 2020 and 23.3% in the first quarter of 2020. GAAP operating margin for the quarter was (7.0)% compared to (1.9)% in the fourth quarter of 2020 and (23.3)% in the first quarter of 2020.
Non-GAAP net loss for the quarter was $(5.5) million, or $(0.03) per share, compared to net income of $16.7 million, or $0.08 per share, in the fourth quarter of 2020, and a net loss of $(36.5) million, or $(0.20) per share, in the first quarter of 2020.
"The first quarter marked another quarter of strong performance. Non-GAAP revenue came in ahead of the mid-point of our outlook with both non-GAAP gross margin and non-GAAP operating margin above the high end of our outlook,” said David Heard, Infinera CEO. “I am encouraged by the positive start to 2021 with broad-based demand for our differentiated open optical solutions, and remain confident about the opportunities ahead of us as we continue to manage through the current industry-wide supply chain challenges and ongoing pandemic impact."
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