Infinera Stock Tanks 9% As Q1 Results Miss Street View

(RTTNews) - Shares of Infinera Corp. (INFN) tanked sank nearly 9% in after-hours trading Tuesday after the networking company reported quarterly loss for the first quarter that was wider than Street estimates reflecting impact of the ongoing COVID-19 pandemic.

Infinera's first-quarter loss narrowed to $99.3 million or $0.55 per share from $121.6 million or $0.69 per share last year.

Adjusted loss for the quarter was $49.4 million or $0.27 per share, wider than last year's loss of $41.2 million or $0.23 per share.

Revenues for the quarter rose to $330.3 million from $292.7 million last year. Adjusted revenue was $331.4 million, up from $295.6 million a year ago.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.18 per share and revenues of $318.31 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company expects adjusted revenues of $320 million, plus or minus $10 million. Analysts currently expect revenues of $329.31 million.

INFN closed Tuesday's trading at $5.80, up $0.17 or 3.02%, on the Nasdaq. The stock dropped $0.50 or 8.62% in the after-hours trade.