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What: Shares of Infinera (INFN 2.09%) have skyrocketed by as much as 28% today after the company reported earnings last night.
So what: Revenue in the quarter was $124.6 million, topping the Street's forecasts of $119.7 million in sales. Infinera posted a non-GAAP net loss of $0.06 per share, which was less than the $0.07 per share that analysts expected the company to lose. CEO Tom Fallon said the company held up well amid a traditionally slow quarter.
Now what: The company's DTN-X platform continued to gain traction, and Infinera received purchase commitments from six additional customers, including two new customers. Needham & Co. has boosted its rating on Infinera from "hold" to "buy" and assigned the stock a $12 price target. The analyst was encouraged by strong guidance. Second-quarter revenue is expected in the range of $130 million to $140 million.
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