The following is a summary of the Infinera Corporation (INFN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Infinera reported Q1 2024 revenue of $307 million, a decrease of 22% year-over-year.

• Gross margin was 36.6%, a decrease of 220 basis points year-over-year.

• The company generated $24 million in cash flow from operations and $16 million in free cash flow.

• The diluted EPS was a loss of $0.17, a downturn from earnings of $0.02 in the same quarter last year.

• The company finished the quarter with $192 million in cash and cash equivalents.

• The full-year revenue is projected to see a 1%-5% decrease compared to 2023.

Business Progress:

• Infinera saw strong bookings and strategic deal progress, winning new clients potentially worth over $1 billion across several key accounts.

• It also secured key wins with hyperscalers, international wholesale providers, and service providers.

• The company anticipates a growth rate of 8% to 12% in 2025 and aims to achieve an earnings per share in the range of $0.40 to $0.50.

• After a slower than anticipated start to the year, the company expects improvements in Q2 and a further step-up in the second half of the year.

• The company forecasts future growth on its refreshed portfolio, customer momentum, design wins, and signed contracts.

• It also anticipates to benefit from new product introductions.

More details: Infinera IR

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