By Mary de Wet
Infinera shares rose 9% Thursday after the network-connectivity solutions provider said its fourth-quarter revenue and earnings could exceed its previous guidance.
The stock recently traded at $4.99 and is down about 29% for the past 52 weeks. Shares touched $5.13, a near six-month high, in intraday trade.
Infinera said late Wednesday that its revenue for the quarter that ended Dec. 30 would be within or even beat its previous forecast of $421 million to $451 million. Earnings are also likely to meet or exceed the forecast range of a loss of 4 cents a share to earnings of 4 cents a share.
The company said its new forecasts were backed by strong bookings.
Infinera also said it has submitted a plan to Nasdaq on how it would regain compliance with Listing Rule 5250 (c)(1), which requires companies to file financial reports with the Securities and Exchange Commission in a timely fashion.
The company received a notification of delinquency from Nasdaq in November after Infinera failed to file its third-quarter 10-Q. At the time, Nasdaq gave Infinera a deadline of Jan. 9, 2024, to submit a compliance plan.
Write to Mary de Wet at [email protected]
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