Tuesday, optical communications solutions provider Infinera, Corp. (INFN) posted a wider loss for the fourth quarter from a year ago on lower revenue and higher operating expenses.
Infinera's net loss widened to $18.65 million or $0.19 per share from a net loss of $6.68 million or $0.07 per share in the year-ago period.
Non-GAAP net loss narrowed to $6.5 million or $0.06 per share from net loss of $9.0 million or $0.09 per share a year ago. Analysts polled by Thomson Reuters expected the company to post a net loss of $0.08 for the quarter.
Total revenue declined to $90.18 million from $99.34 million in the prior-year period; comparable to analysts' expectations of $87.87 million.
Segment-wise, revenue from product sales increased to $82.10 million from $80.04 million, revenue from ratable products, related products and services declined to $1.02 million from $12.24 million and revenue from services at $7.05 million was flat compared to the year-ago period
Total cost of sales declined to $56.01 million from $61.37 million, while total operating expenses went up to $53.79 million from $44.93 million in the year-earlier quarter.
For the full-year, Infinera slipped to a net loss of $86.62 million or $0.91 per share from a profit of $78.72 million or $0.81 per share on a decline in revenue to $309.10 million from $519.21 million last year.
Non-GAAP net loss was $45.4 million or $0.46 per share, compared to net income $14.3 million or $0.15 per share. However, analysts expected a net loss of $0.48 per share on revenue of $306.82 million.
Tom Fallon, president and CEO, Infinera, said, "In the fourth quarter, we invoiced our highest level of tributary adapter modules in six quarters and saw continued strength in our common equipment sales. The market continues to embrace Infinera's disruptive PIC-based approach of providing the best, most cost-effective and most flexible optical networks to address their bandwidth needs -- both with our existing products and the new products on our roadmap. "
INFN closed Tuesday's regular trading session at $7.80, up $0.02 or 0.26%, on a volume of 765,921 shares on the Nasdaq.
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