Infinera Corporation to Announce Preliminary Unaudited Fourth Quarter Fiscal 2023 Financial Results and Outlook for the First Quarter of Fiscal 2024 on March 6, 2024
February 15 2024 - 9:00AM
Infinera Corporation (NASDAQ: INFN) ("Infinera” or the “Company”)
announced today that it intends to file its Quarterly Report on
Form 10-Q for the third quarter of 2023 on or before February 29,
2024.
The Company will also release its preliminary, unaudited
financial results for the fourth quarter of fiscal 2023 and provide
the Company’s outlook for the first quarter of fiscal 2024 after
the market closes on March 6, 2024. An investment community
conference call to discuss these items will be held the same day at
5:00 p.m. ET/2:00 p.m. PT.
Fourth Quarter Financial Results Conference Call and
Webcast Date: Wednesday, March 6, 2024 Time:
5:00 p.m. ET/2:00 p.m. PT
Conference call participants: register at:
https://events.q4inc.com/attendee/702047373
As previously stated in the Company’s press release issued on
January 10, 2024, the Company continues to believe that its
preliminary revenue and preliminary net income per diluted share
for the fourth quarter of fiscal 2023 will be within or exceed the
outlook ranges provided on November 8, 2023, supported by strong
bookings in the quarter.
Furthermore, due to the intensive and time-consuming nature of
the matters and associated processes described previously in the
Company’s Form 12b-25 filed with the Securities and Exchange
Commission (the “SEC”) on November 8, 2023, the Company anticipates
that it may need additional time to complete its fiscal year
closing procedures and file its Annual Report on Form 10-K for the
fiscal year ended December 30, 2023.
Contacts:Media: Anna VueTel. +1 (916)
595-8157avue@infinera.com
Investors:Amitabh Passi, Head of Investor RelationsTel. +1 (669)
295-1489apassi@infinera.com
About InfineraInfinera is a global supplier of
innovative open optical networking solutions and advanced optical
semiconductors that enable carriers, cloud operators, governments,
and enterprises to scale network bandwidth, accelerate service
innovation, and automate network operations. Infinera solutions
deliver industry-leading economics and performance in long-haul,
submarine, data center interconnect, and metro transport
applications. To learn more about Infinera, visit www.infinera.com,
follow us on X and LinkedIn, and subscribe for updates.
Infinera and the Infinera logo are registered trademarks of
Infinera Corporation.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or Infinera's future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "should," "will," and "would" or the negative of these words
or similar terms or expressions that concern Infinera's
expectations, strategy, priorities, plans or intentions. The
Company’s expectations related to the timing of the Company’s
filing of its Quarterly Report on Form 10-Q for the third quarter
of 2023; Company’s plans to release its preliminary, unaudited
financial results for the fourth quarter of fiscal 2023 and provide
the Company’s outlook for the first quarter of fiscal 2024; the
Company’s expectations regarding its previously disclosed
preliminary revenue and preliminary net income per diluted share
for the fourth quarter of fiscal 2023; and the Company’s
expectations regarding its fiscal year closing procedures and the
timing of its filing of its Annual Report on Form 10-K for the
fiscal year ended December 30, 2023 are among the forward-looking
statements in this press release. Neither Infinera, nor its
auditors, has completed the review of its financial results for the
third quarter or the fourth quarter of 2023, and the final third
quarter and fourth quarter 2023 financial results may be impacted
by Infinera’s determination as to whether Infinera will need to
restate its financial statements for any prior or subsequent
periods including interim periods. This determination will depend
in large part on the impacts of the accounting matters previously
disclosed related to Infinera’s financial results for prior
periods, and whether these impacts are material. These
determinations have not yet been made.
Statements regarding the preliminary results for the fourth
quarter of 2023 presented in this press release assume that
Infinera will not need to restate its financial results for any
prior periods. While Infinera believes this assumption is
reasonable based on information currently available to it, this
information may change, Infinera’s assessment of all available
information may change, and/or its auditors may have a different
perspective on these matters. In the event that Infinera does need
to restate its financial statements for prior periods, its
financial results for the third quarter and fourth quarter of 2023
would likely be affected.
Infinera’s financial results for the third quarter and fourth
quarter of 2023 are also subject to all aspects of the final
quarterly review process and may change as a result of new
information that arises, or new determinations that are made, in
this process. The Company’s forward-looking statements herein are
based on estimates and information available to Infinera as of the
date hereof and are not guarantees of future performance; actual
results could differ materially from those stated or implied due to
risks and uncertainties. The risks and uncertainties that could
cause Infinera’s results to differ materially from those expressed
or implied by such forward-looking statements include, but are not
limited to, demand growth for additional network capacity and the
level and timing of customer capital spending and excess inventory
held by customers beyond normalized levels; delays in the
development, introduction or acceptance of new products or in
releasing enhancements to existing products; aggressive business
tactics by Infinera’s competitors and new entrants and Infinera's
ability to compete in a highly competitive market; supply chain and
logistics issues, including delays, shortages, components that have
been discontinued and increased costs, and Infinera's dependency on
sole source, limited source or high-cost suppliers; dependence on a
small number of key customers; product performance problems; the
complexity of Infinera's manufacturing process; Infinera's ability
to identify, attract, upskill and retain qualified personnel;
challenges with our contract manufacturers and other third-party
partners; the effects of customer and supplier consolidation;
dependence on third-party service partners; Infinera’s ability to
respond to rapid technological changes; failure to accurately
forecast Infinera's manufacturing requirements or customer demand;
the effects of public health emergencies; Infinera’s future capital
needs and its ability to generate the cash flow or otherwise secure
the capital necessary to meet such capital needs; the effect of
global and regional economic conditions on Infinera’s business,
including effects on purchasing decisions by customers; the adverse
impact inflation and higher interest rates may have on Infinera by
increasing costs beyond what it can recover through price
increases; restrictions to our operations resulting from loan or
other credit agreements; the impacts of any restructuring plans or
other strategic efforts on our business; our international sales
and operations; the impacts of foreign currency fluctuations; the
effective tax rate of Infinera, which may increase or fluctuate;
potential dilution from the issuance of additional shares of common
stock in connection with the conversion of Infinera's convertible
senior notes; Infinera’s ability to protect its intellectual
property; claims by others that Infinera infringes on their
intellectual property rights; security incidents, such as data
breaches or cyber-attacks; Infinera's ability to comply with
various rules and regulations, including with respect to export
control and trade compliance, environmental, social, governance,
privacy and data protection matters; events that are outside of
Infinera's control, such as natural disasters, violence or other
catastrophic events that could harm Infinera's operations;
Infinera’s ability to remediate its recently disclosed material
weaknesses in internal control over financial reporting in a timely
and effective manner; any other impacts of Infinera’s and its
auditors’ review of the accounting matters described above; and
other risks and uncertainties detailed in Infinera’s SEC filings
from time to time. More information on potential factors that may
impact Infinera’s business are set forth in Infinera's periodic
reports filed with the SEC, including its Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the SEC on
February 27, 2023, as well as subsequent reports filed with or
furnished to the SEC from time to time. These reports are available
on Infinera’s website at www.infinera.com and the SEC’s website at
www.sec.gov. Infinera assumes no obligation to, and does not
currently intend to, update any such forward-looking
statements.
Infinera (NASDAQ:INFN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Infinera (NASDAQ:INFN)
Historical Stock Chart
From Apr 2023 to Apr 2024