Infinera Corporation (NASDAQ: INFN), a leading provider of digital
optical communications systems, today released financial results
for the fourth quarter and fiscal year ended December 25, 2010.
Results for Q4 2010:
-- GAAP revenues for the quarter were $117.1 million compared to $130.1
million in the third quarter of 2010 and $90.2 million in the fourth
quarter of 2009.
-- GAAP gross margins for the quarter were 49% compared to 50% in the
third quarter of 2010 and 38% in the fourth quarter of 2009. GAAP net
loss for the quarter was $2.7 million, or $(0.03) per share, compared
to net income of $4.4 million, or $0.04 per basic and diluted share,
in the third quarter of 2010 and a net loss of $18.7 million, or
$(0.19) per share, in the fourth quarter of 2009.
-- Non-GAAP gross margins for the quarter were 51%, the same as in the
third quarter of 2010 and 40% in the fourth quarter of 2009. Non-GAAP
net income for the quarter was $7.6 million, or $0.07 per diluted
share, compared to net income of $18.7 million, or $0.18 per diluted
share in the third quarter of 2010 and a net loss of $6.5 million, or
$(0.07) per share, in the fourth quarter of 2009. These Non-GAAP
measures exclude restructuring and other related costs and non-cash
stock-based compensation.
Results for Fiscal 2010:
-- GAAP revenues for the year ended December 25, 2010 were $454.4 million
compared to $309.1 million in 2009.
-- GAAP gross margins for the year were 45% compared to 33% in 2009. GAAP
net loss for the year was $27.9 million, or $(0.28) per share compared
to $86.6 million, or $(0.91) per share in 2009.
-- Non-GAAP gross margins for the year were 47% compared to 36% in 2009.
Non-GAAP net income for the year was $22.4 million or $0.21 per diluted
share in 2010, compared to net loss of $45.4 million or $(0.48) per
share in 2009. These Non-GAAP measures exclude restructuring and other
related costs and non-cash stock-based compensation.
Management Commentary
"2010 was a year of strong growth in bandwidth demand worldwide,
and our customers saw growth in their networks, driven by a number
of applications, notably video, mobility, and cloud computing,"
said Tom Fallon, president and chief executive officer. "We are
pleased that we have been able to participate in this growth,
showing strong year-over-year performance in revenues and market
share, improved profitability and progress toward achieving our
long-term business model. Service providers continue to look for
ways to improve the economic performance of their networks through
both efficiency and rapid response to their revenue-creating
opportunities. With our digital optical architecture, we enable
them to do so with the unique combination of world class optics and
digital network intelligence.
"In fiscal 2011, we will continue to focus on meeting the needs
of our customers and on addressing market expansion opportunities.
In addition, we will focus on expense management, while at the same
time ensuring that we invest appropriately to enable the successful
launch of our PIC-based 100G product in 2012. We remain on track to
ship our differentiated 40G solution with FlexCoherent technology
for our current DTN networks later this year. In the meantime, we
will meet customer needs today with what we believe is the
industry's most cost effective and flexible portfolio of network
solutions -- our differentiated PIC-based DTN network and our ATN
metro solution."
Conference Call Information:
Infinera will host a conference call for analysts and investors
to discuss its fourth quarter and fiscal year 2010 results and
first quarter outlook today at 6:00 p.m. Eastern Time (3:00 p.m.
Pacific Time). A live webcast of the conference call will also be
accessible from the "Investor Relations" section of the company's
website at www.infinera.com. Following the webcast, an archived
version will be available on the website for 90 days. To hear the
replay, parties in the United States and Canada should call
1-800-839-2334. International parties can access the replay at
1-203-369-3656.
About Infinera
Infinera provides Digital Optical Networking systems to
telecommunications carriers worldwide. Infinera's systems are
unique in their use of a breakthrough semiconductor technology: the
photonic integrated circuit (PIC). Infinera's systems and PIC
technology are designed to provide customers with simpler and more
flexible engineering and operations, faster time-to-service, and
the ability to rapidly deliver differentiated services without
reengineering their optical infrastructure. For more information,
please visit www.infinera.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements about our belief in the drivers for our
customers' bandwidth growth and the need for improvements in the
economic performance of their networks, our belief in our ability
to satisfy our customers' requirements with our systems and the
benefits of our systems, the timing of shipments for our
differentiated 40G solution and the timing of the launch of our
100G product in 2012, and our areas of focus and investment for
2011. These forward-looking statements involve risks and
uncertainties, as well as assumptions that if they do not fully
materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. The risks and uncertainties that could cause our
results to differ materially from those expressed or implied by
such forward-looking statements include our ability to react to
trends and challenges in our business and the markets in which we
operate; our ability to anticipate market needs and develop new or
enhanced products to meet those needs; the adoption rate of our
products; our ability to establish and maintain successful
relationships with our customers; our ability to reduce customer
concentration; our ability to compete in our industry; fluctuations
in demand, sales cycles and prices for our products and services;
shortages or price fluctuations in our supply chain; our ability to
protect our intellectual property rights; general political,
economic and market conditions and events; and other risks and
uncertainties described more fully in our documents filed with or
furnished to the U.S. Securities and Exchange Commission (SEC).
More information about these and other risks that may impact
Infinera's business are set forth in our annual report on Form
10-K, which was filed with the SEC on March 1, 2010, as well as
subsequent reports filed with the SEC. All forward-looking
statements in this press release are based on information available
to us as of the date hereof, and we assume no obligation to update
these forward-looking statements.
Use of Non-GAAP financial information
In addition to disclosing financial measures prepared in
accordance with U.S. Generally Accepted Accounting Principles
(GAAP), this press release and the accompanying tables contain
certain non-GAAP measures that exclude non-cash stock-based
compensation expenses and non-recurring restructuring and other
related costs. We believe these adjustments are appropriate to
enhance an overall understanding of our underlying financial
performance and also our prospects for the future and are
considered by management for the purpose of making operational
decisions. In addition, these results are the primary indicators
management uses as a basis for our planning and forecasting of
future periods. The presentation of this additional information is
not meant to be considered in isolation or as a substitute for net
income (loss), basic and diluted net income (loss) per share, or
gross margin prepared in accordance with GAAP. Non-GAAP financial
measures are not based on a comprehensive set of accounting rules
or principles and are subject to limitations. For a description of
these non-GAAP financial measures and a reconciliation to the most
directly comparable GAAP financial measures, please see the section
titled, "GAAP to Non-GAAP Reconciliations." We anticipate
disclosing forward-looking non-GAAP information in our conference
call to discuss our fourth quarter and fiscal year 2010 results,
including an estimate of non-GAAP earnings for the first quarter of
2011 that excludes non-cash stock-based compensation expenses.
A copy of this press release can be found on the investor
relations page of Infinera's website at www.infinera.com.
Infinera Corporation and the Infinera logo are trademarks or
registered trademarks of Infinera Corporation. All other trademarks
used or mentioned herein belong to their respective owners.
Infinera Corporation
GAAP Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
------------------------ ------------------------
December 25, December 26, December 25, December 26,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Revenue:
Product $ 102,255 $ 82,100 $ 401,578 $ 276,012
Ratable product and
related support and
services 1,417 1,025 6,155 4,231
Services 13,461 7,056 46,619 28,858
----------- ----------- ----------- -----------
Total revenue 117,133 90,181 454,352 309,101
Cost of revenue (1):
Cost of product 53,523 52,686 225,183 189,723
Cost of ratable
product and related
support and services 659 399 3,217 1,931
Cost of services 5,659 2,627 19,945 12,308
Restructuring and
other costs (credit)
related to cost of
revenue - 302 (182) 3,038
----------- ----------- ----------- -----------
Total cost of
revenue 59,841 56,014 248,163 207,000
Gross profit 57,292 34,167 206,189 102,101
Operating expenses (1):
Research and
development 31,226 26,843 118,518 97,288
Sales and marketing 16,537 13,446 58,103 48,391
General and
administrative 12,304 13,291 58,098 45,269
Restructuring and
other costs - 213 159 814
----------- ----------- ----------- -----------
Total operating
expenses 60,067 53,793 234,878 191,762
Loss from operations (2,775) (19,626) (28,689) (89,661)
Other income (expense),
net:
Interest income 296 732 1,390 2,688
Total
other-than-
temporary
impairment
losses - - - (2,747)
Portion of loss
recognized in
other
comprehensive loss - - - 1,653
----------- ----------- ----------- -----------
Net credit impairment
losses recognized in
earnings - - - (1,094)
Other gain (loss),
net 36 (288) (316) (426)
----------- ----------- ----------- -----------
Total other
Income (expense),
net 332 444 1,074 1,168
Loss before income
taxes (2,443) (19,182) (27,615) (88,493)
Provision for (benefit
from) income taxes 297 (531) 317 (1,871)
----------- ----------- ----------- -----------
Net loss $ (2,740) $ (18,651) $ (27,932) $ (86,622)
=========== =========== =========== ===========
Net loss per common
share - basic and
diluted $ (0.03) $ (0.19) $ (0.28) $ (0.91)
=========== =========== =========== ===========
Weighted average shares
used in computing net
loss per common share
- basic and diluted 101,654 96,573 99,380 95,468
=========== =========== =========== ===========
(1) The following table summarizes the effects of stock-based compensation
related to employees and non-employees for the three and twelve months
ended December 25, 2010 and December 26, 2009:
Three Months Ended Twelve Months Ended
------------------------ ------------------------
December 25, December 26, December 25, December 26,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Cost of revenue $ 740 $ 515 $ 2,598 $ 1,861
Research and
development 3,755 3,236 14,301 10,302
Sales and marketing 1,709 1,782 7,896 6,505
General and
administration 2,715 4,919 19,903 15,061
----------- ----------- ----------- -----------
8,919 10,452 44,698 33,729
Cost of revenue -
amortization from
balance sheet* 1,455 1,189 5,637 3,646
----------- ----------- ----------- -----------
Total stock-based
compensation
expense $ 10,374 $ 11,641 $ 50,335 $ 37,375
=========== =========== =========== ===========
* Stock-based compensation expense deferred to inventory and deferred
inventory costs in prior periods and recognized in the current period.
Infinera Corporation
GAAP to Non-GAAP Reconciliations
(In thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
------------------------------- ----------------------
December September December December December
25, 2010 25, 2010 26, 2009 25, 2010 26, 2009
--------- -------- ---------- ---------- ----------
Reconciliation of
Gross Profit:
U.S. GAAP as
reported $ 57,292 $ 64,471 $ 34,167 $ 206,189 $ 102,101
Restructuring and
other related
costs(1) - (60) 302 (182) 3,038
Stock-based
compensation(2) 2,195 2,242 1,704 8,235 5,507
--------- -------- ---------- ---------- ----------
Non-GAAP as
adjusted $ 59,487 $ 66,653 $ 36,173 $ 214,242 $ 110,646
========= ======== ========== ========== ==========
Reconciliation of
Gross Margin:
U.S. GAAP as
reported 49% 50% 38% 45% 33%
Restructuring and
other related
costs(1) - % - % - % -% 1%
Stock-based
compensation(2) 2% 1% 2% 2% 2%
--------- -------- ---------- ---------- ----------
Non-GAAP as
adjusted 51% 51% 40% 47% 36%
========= ======== ========== ========== ==========
Reconciliation of
Income (Loss)
from Operations:
U.S. GAAP as
reported $ (2,775) $ 4,129 $ (19,626) $ (28,689) $ (89,661)
Restructuring and
other related
costs(1) - (60) 515 (23) 3,852
Stock-based
compensation(2) 10,374 14,444 11,641 50,335 37,375
--------- -------- ---------- ---------- ----------
Non-GAAP as
adjusted $ 7,599 $ 18,513 $ (7,470) $ 21,623 $ (48,434)
========= ======== ========== ========== ==========
Reconciliation of
Net Income
(Loss):
U.S. GAAP as
reported $ (2,740) $ 4,360 $ (18,651) $ (27,932) $ (86,622)
Restructuring and
other related
costs(1) - (60) 515 (23) 3,852
Stock-based
compensation(2) 10,374 14,444 11,641 50,335 37,375
--------- -------- ---------- ---------- ----------
Non-GAAP as
adjusted $ 7,634 $ 18,744 $ (6,495) $ 22,380 $ (45,395)
========= ======== ========== ========== ==========
Net Income (Loss)
per Common
Share - Basic:
U.S. GAAP $ (0.03) $ 0.04 $ (0.19) $ (0.28) $ (0.91)
========= ======== ========== ========== ==========
Non-GAAP $ 0.08 $ 0.19 $ (0.07) $ 0.23 $ (0.48)
========= ======== ========== ========== ==========
Net Income (Loss)
per Common
Share - Diluted:
U.S. GAAP $ (0.03) $ 0.04 $ (0.19) $ (0.28) $ (0.91)
========= ======== ========== ========== ==========
Non-GAAP $ 0.07 $ 0.18 $ (0.07) $ 0.21 $ (0.48)
========= ======== ========== ========== ==========
Weighted average
Shares used in
computing net
income (loss)
per common share -
U.S. GAAP:
Basic 101,654 99,976 96,573 99,380 95,468
========= ======== ========== ========== ==========
Diluted 101,654 105,159 96,573 99,380 95,468
========= ======== ========== ========== ==========
Weighted average
Shares used in
computing net
income (loss)
per common share -
Non-GAAP:
Basic 101,654 99,976 96,573 99,380 95,468
========= ======== ========== ========== ==========
Diluted 108,393 105,159 96,573 104,622 95,468
========= ======== ========== ========== ==========
(1) Adjustment amount represents restructuring and other related costs
(credit) recorded in relation to the closure of our Maryland FAB
announced on July 21, 2009. These amounts have been adjusted in
arriving at our non-GAAP results as they are non-recurring in nature
and the adjusted numbers provide a better indication of our underlying
business performance.
Twelve Months Ended Three Months Ended
December 25, 2010 September 25, 2010
---------------------------- ----------------------------
Cost of Operating Cost of Operating
Revenue Expenses Total Revenue Expenses Total
-------- --------- -------- -------- --------- --------
Severance and
related
expenses $ (144) $ 55 $ (89) $ - $ - $ -
Equipment and
facility-rela-
ted costs (38) - (38) (60) - (60)
Lease
termination - 104 104 - - -
-------- --------- -------- -------- --------- --------
Total $ (182) $ 159 $ (23) $ (60) $ - $ (60)
======== ========= ======== ======== ========= ========
Three Months Ended Twelve Months Ended
December 26, 2009 December 26, 2009
---------------------------- -----------------------------
Cost of Operating Cost of Operating
Revenue Expenses Total Revenue Expenses Total
-------- --------- -------- -------- --------- --------
Severance and
related
expenses $ (157) $ 57 $ (100) $ 647 $ 154 $ 801
Equipment and
facility-rela-
ted costs 459 (255) 204 2,359 160 2,519
Lease
termination - 411 411 - 411 411
Other - - - 32 89 121
-------- --------- -------- -------- --------- --------
Total $ 302 $ 213 $ 515 $ 3,038 $ 814 $ 3,852
======== ========= ======== ======== ========= ========
(2) Stock-based compensation expense is calculated in accordance with the
fair value recognition provisions of Financial Accounting Standards
Board Accounting Standards Codification (ASC) Topic 718, Compensation
-- Stock Compensation effective January 1, 2006. The following table
summarizes the effects of stock-based compensation related to employees
and non-employees:
Three Months Ended Twelve Months Ended
----------------------------------- -----------------------
December September December December December
25, 2010 25, 2010 26, 2009 25, 2010 26, 2009
----------- ----------- ----------- ----------- -----------
Cost of revenue $ 740 $ 725 $ 515 $ 2,598 $ 1,861
Research and
development 3,755 3,773 3,236 14,301 10,302
Sales and
marketing 1,709 2,148 1,782 7,896 6,505
General and
administration 2,715 6,281 4,919 19,903 15,061
----------- ----------- ----------- ----------- -----------
8,919 12,927 10,452 44,698 33,729
Cost of revenue
- amortization
from balance
sheet* 1,455 1,517 1,189 5,637 3,646
----------- ----------- ----------- ----------- -----------
Total
stock-based
compensation
expense $ 10,374 $ 14,444 $ 11,641 $ 50,335 $ 37,375
=========== =========== =========== =========== ===========
* Stock-based compensation expense deferred to inventory and deferred
inventory costs in prior periods and recognized in the current period.
Infinera Corporation
Condensed Consolidated Balance Sheets
(In thousands, except par values)
(Unaudited)
December 25, December 26,
2010 2009
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 113,649 $ 109,859
Short-term investments 168,013 143,350
Short-term restricted cash 1,856 1,533
Accounts receivable 75,931 69,483
Other receivables 4,420 927
Inventories, net 81,893 68,872
Deferred inventory costs 6,715 5,891
Prepaid expenses and other current assets 9,118 8,313
------------- -------------
Total current assets 461,595 408,228
Property, plant and equipment, net 51,740 43,656
Deferred inventory costs, non-current 2,512 4,438
Long-term investments 9,953 18,255
Cost-method investment 4,500 -
Long-term restricted cash 2,235 2,480
Deferred tax asset 11,882 12,449
Other non-current assets 7,108 2,439
------------- -------------
Total assets $ 551,525 $ 491,945
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 35,658 $ 31,129
Accrued expenses 19,790 13,929
Accrued compensation and related benefits 25,098 19,248
Accrued warranty 5,696 6,091
Deferred revenue 21,958 18,295
Deferred tax liability 11,882 12,649
------------- -------------
Total current liabilities 120,082 101,341
Accrued warranty, non-current 5,726 5,049
Deferred revenue, non-current 4,633 8,080
Other long-term liabilities 10,335 8,968
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value
Authorized shares - 25,000 and no shares
issued and outstanding - -
Common stock, $0.001 par value
Authorized shares - 500,000 as of
December 25, 2010 and December 26, 2009
Issued and outstanding shares - 102,492
as of December 25, 2010 and 96,874
as of December 26, 2009 102 97
Additional paid-in capital 817,200 747,580
Accumulated other comprehensive loss (1,261) (1,810)
Accumulated deficit (405,292) (377,360)
------------- -------------
Total stockholders' equity 410,749 368,507
------------- -------------
Total liabilities and stockholders'
equity $ 551,525 $ 491,945
============= =============
Infinera Corporation
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Twelve Months Ended
----------------------------
December 25, December 26,
2010 2009
------------- -------------
Cash Flows from Operating Activities:
Net loss $ (27,932) $ (86,622)
Adjustments to reconcile net loss to net cash
provided by (used in) operating
activities:
Depreciation and amortization 15,619 16,547
Recovery of doubtful accounts - (1,700)
Non-cash restructuring and other costs 100 2,973
Net credit impairment losses in earnings - 1,094
Amortization of premium on investments 3,761 604
Stock-based compensation expense 50,335 37,375
Unrealized loss on Put Rights 1,696 3,761
Unrealized holding gain for trading
securities (1,696) (4,584)
Non-cash tax benefit (316) (315)
Reversal from stock option transactions - (593)
Reduction of tax benefit from stock option
transactions - 248
Gain on disposal of assets (179) (284)
Other gain (96) (134)
Changes in assets and liabilities:
Accounts receivable (6,755) 1,834
Inventories, net (13,143) (8,618)
Prepaid expenses and other current assets 1,296 (2,244)
Deferred inventory costs 928 (6,180)
Other non-current assets (3,936) (7,345)
Accounts payable 1,161 (2,594)
Accrued liabilities and other expenses 9,196 18,964
Deferred revenue 216 3,968
Accrued warranty 282 1,199
------------- -------------
Net cash provided by (used in)
operating activities 30,537 (32,646)
Cash Flows from Investing Activities:
Purchase of available-for-sale investments (253,130) (163,870)
Purchase of cost-method investment (4,500) -
Proceeds from sale of available-for-sale
investments - 1,536
Proceeds from maturities and calls of
investments, and exercise of Put Rights 232,333 144,795
Proceeds from disposal of assets 324 699
Purchase of property and equipment (20,672) (15,394)
Change in restricted cash (77) (1,113)
------------- -------------
Net cash used in investing activities (45,722) (33,347)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock 19,348 9,310
Reduction of tax benefit from stock option
transactions - (248)
Repurchase of common stock (14) (31)
Payments for purchase of assets under
financing arrangement (349) (87)
------------- -------------
Net cash provided by financing
activities 18,985 8,944
Effect of exchange rate changes on cash (10) 138
Net change in cash and cash equivalents 3,790 (56,911)
Cash and cash equivalents at beginning of
period 109,859 166,770
------------- -------------
Cash and cash equivalents at end of period $ 113,649 $ 109,859
============= =============
Supplemental disclosures of cash flow
information:
Cash paid for income taxes $ 739 $ 1,442
Supplemental schedule of non-cash financing
activities:
Purchase of assets under financing
arrangement $ - $ 567
Infinera Corporation
Supplemental Financial Information
(Unaudited)
Q1'09 Q2'09 Q3'09 Q4'09
--------- --------- --------- ---------
Revenue ($ Mil) (1) $ 66.6 $ 68.9 $ 83.4 $ 90.2
Gross Margin % (1) 31% 31% 38% 40%
--------- --------- --------- ---------
Invoiced Shipment
Composition:
Domestic % 74% 64% 63% 74%
International % 26% 36% 37% 26%
Largest Customer % 30% 20% 15% 17%
--------- --------- --------- ---------
Cash Related Information:
Cash from Operations ($ Mil) $ (2.9) $ (18.8) $ (8.3) $ (2.7)
Capital Expenditures ($ Mil) $ 6.0 $ 2.8 $ 2.8 $ 4.4
Depreciation & Amortization
($ Mil) $ 3.9 $ 4.0 $ 4.2 $ 4.5
DSO's 61 72 61 71
--------- --------- --------- ---------
Inventory Metrics:
Raw Materials ($ Mil) $ 7.7 $ 10.1 $ 7.4 $ 6.9
Work in Process ($ Mil) $ 43.2 $ 40.1 $ 36.2 $ 32.1
Finished Goods ($ Mil) $ 13.6 $ 22.3 $ 29.3 $ 29.9
--------- --------- --------- ---------
Total Inventory ($ Mil) $ 64.5 $ 72.5 $ 72.9 $ 68.9
Inventory Turns (1) 2.8 2.6 3.0 3.2
--------- --------- --------- ---------
Worldwide Headcount 962 973 970 974
--------- --------- --------- ---------
Q1'10 Q2'10 Q3'10 Q4'10
--------- --------- --------- ---------
Revenue ($ Mil) (1) $ 95.8 $ 111.4 $ 130.1 $ 117.1
Gross Margin % (1) 41% 44% 51% 51%
--------- --------- --------- ---------
Invoiced Shipment
Composition:
Domestic % 79% 81% 73% 70%
International % 21% 19% 27% 30%
Largest Customer % 22% 13% 19% 10%
--------- --------- --------- ---------
Cash Related Information:
Cash from Operations ($ Mil) $ 2.3 $ 11.2 $ 10.0 $ 7.0
Capital Expenditures ($ Mil) $ 4.7 $ 5.0 $ 5.9 $ 5.0
Depreciation & Amortization
($ Mil) $ 4.0 $ 3.7 $ 3.9 $ 4.0
DSO's 56 45 45 59
--------- --------- --------- ---------
Inventory Metrics:
Raw Materials ($ Mil) $ 7.5 $ 9.1 $ 11.0 $ 23.1
Work in Process ($ Mil) $ 31.5 $ 29.2 $ 36.5 $ 14.8
Finished Goods ($ Mil) $ 33.0 $ 45.9 $ 41.2 $ 44.0
--------- --------- --------- ---------
Total Inventory ($ Mil) $ 72.0 $ 84.2 $ 88.7 $ 81.9
Inventory Turns (1) 3.2 3.0 2.9 2.8
--------- --------- --------- ---------
Worldwide Headcount 999 1,028 1,040 1,072
--------- --------- --------- ---------
(1) Periods Q1'09 and going forward reflect non-GAAP results. Non-GAAP
adjustments include restructuring and other related costs and non-cash
stock-based compensation.
Contacts: Press: Jeff Ferry jferry@infinera.com Infinera
Corporation 408-572-5213 Investors/Analysts: Bob Blair
bblair@infinera.com Infinera Corporation 408-716-4879
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