On August 2nd, Infinera reported GAAP revenue of $342.7 million for the second quarter ended June 29, 2024, an increase from $306.9 million in the first quarter of 2024, but a decrease from $376.2 million in the second quarter of 2023. The GAAP gross margin improved to 39.6%, up from 36.0% in the previous quarter and 38.0% in the same period last year. The GAAP operating margin was recorded at -8.7%, a notable improvement from -14.0% in the first quarter of 2024, though down from -3.8% in the second quarter of 2023. The GAAP net loss for the quarter was $48.3 million, or $0.21 per diluted share, showing improvement from a net loss of $61.4 million, or $0.27 per diluted share, in the previous quarter, but worse compared to a net loss of $20.3 million, or $0.09 per diluted share, in the same period last year.
- GAAP Revenue: $342.7 million, up from $306.9 million in Q1 2024, down from $376.2 million in Q2 2023.
- GAAP Gross Margin: 39.6%, up from 36.0% in Q1 2024, up from 38.0% in Q2 2023.
- GAAP Operating Margin: -8.7%, improved from -14.0% in Q1 2024, down from -3.8% in Q2 2023.
- GAAP Net Loss: $48.3 million, or $0.21 per diluted share, improved from $61.4 million, or $0.27 per diluted share in Q1 2024, worse than $20.3 million, or $0.09 per diluted share in Q2 2023.
- Non-GAAP Gross Margin: 40.3%, up from 36.6% in Q1 2024, up from 39.3% in Q2 2023.
- Non-GAAP Operating Margin: -1.3%, improved from -8.4% in Q1 2024, down from 2.8% in Q2 2023.
- Non-GAAP Net Loss: $14.0 million, or $0.06 per diluted share, improved from $38.3 million, or $0.17 per diluted share in Q1 2024, worse than $0.7 million, or $0.00 per diluted share in Q2 2023.
- Cash and Equivalents: $115.7 million at the end of Q2 2024.
Infinera CEO, David Heard, stated, "I am pleased with our second quarter results with revenue, gross margin and operating margin all above the midpoint of our outlook range. While the timing and pace of customer demand recovery remain uncertain, we continued our design-win momentum across our optical networking product portfolio in the quarter, with bookings up both sequentially and on a year-over-year basis. We ended Q2 with a book-to-bill ratio above 1." He also expressed excitement about the pending merger with Nokia, emphasizing the combined benefits of enhanced innovation and a broadened portfolio to meet high-bandwidth application demands such as AI.
