Monday, July 20, 2009

Infinera Posts Q2 Revenues of $69M, Stronger Orders, CEO to Step Down

Infinera reported Q2 revenues of $68.9 million compared to $66.6 million for the first quarter of 2009 and $90.8 million on an adjusted GAAP basis in the second quarter of 2008. GAAP gross margins for the quarter were 29%. GAAP net loss for the quarter was $27.1 million, or $0.28 per share.

"We saw a number of positive developments in the second quarter, with both existing and new customers," said Jagdeep Singh, president and chief executive officer at Infinera. "There was a significant quarter-over-quarter increase in orders, including over 2,000 TAMs booked, and we continued our new customer win momentum adding four new customers to our roster. We also announced another tier one win today with NTT, the world's second largest service provider.

Infinera added four new customers this quarter bringing total customer count to 62. This included a win at COLT for a Pan European network.

In addition, Jagdeep Singh announced plans to step down as the company's CEO on January 1, 2010 and become executive chairman of the company. Tom Fallon, currently Infinera's COO, will succeed Singh as President and CEO at that time.