Infinera reported Q2 GAAP revenue of $331.6 million compared to $330.3 million in the first quarter of 2020 and $296.3 million in the second quarter of 2019.
GAAP gross margin for the quarter was 29.4% compared to 23.3% in the first quarter of 2020 and 20.7% in the second quarter of 2019. GAAP net loss for the quarter was $(61.6) million, or $(0.33) per share, compared to $(99.3) million, or $(0.55) per share, in the first quarter of 2020, and $(113.7) million, or $(0.64) per share, in the second quarter of 2019. Non-GAAP net loss for the quarter was $(17.2) million, or $(0.09) per share, compared to a net loss of $(49.4) million, or $(0.27) per share, in the first quarter of 2020, and net loss of $(42.0) million, or $(0.24) per share, in the second quarter of 2019.
The company said it has 5 new 600G customers (16 total), including 1 major ICP. Infinera also noted that it is pleased with the result of field trials of its ICE6 (800G) technology, which is
on track for delivery this year.
“I am pleased with our execution in the quarter from a financial, operational and technical perspective, making advances on all fronts. We are managing the operational impacts of COVID-19 and are continuing to take the necessary measures to reduce costs and improve working capital utilization as macroeconomic uncertainty in our industry continues,” said Tom Fallon, Infinera CEO. “Importantly, I am encouraged by the opportunity we believe will be created by our ICE6 solution as the industry readies for a new technology cycle driven by ever increasing demand for bandwidth.”
