Shares of Infinera (NASDAQ:INFN) got a 32.6% boost in July, according to data from S&P Global Market Intelligence. The stock posted big gains following an investor webcast mid-month and continued to climb amid momentum for the broader market.
Infinera hosted an investor webcast on July 17 to detail its plans for its portfolio of networking products for long-haul, subsea, data center, and metro transport applications. The company stated that these multi-layer networking solutions would provide "industry-leading economics and performance."
Infinera stock crashed hard in May, falling roughly 28% in the month on the heels of quarterly results that were paired with disappointing guidance. Shares continued to move lower in June following negative analyst coverage. The company's July webcast appears to have assuaged concerns about the long-term outlook for its product portfolio. After the big gains last month, the stock is now basically flat on the year.
Infinera reported second-quarter earnings results after the market closed on Aug. 7. Sales for the period came in at $296.3 million, climbing about 42% year over year and up from $292.7 million in the first quarter but coming in around 1% below the average analyst estimate sales target. The company's non-GAAP (adjusted) net loss for the period was $42 million, working out to a per-share loss of $0.24 and better than the average analyst estimate's target for a loss per share of $0.29.
For the third quarter, Infinera is guiding for GAAP revenue of about $328 million and non-GAAP revenue of $330 million. The company expects a GAAP loss per share of approximately $0.40 and a non-GAAP loss of $0.17.