SAN JOSE, Calif. - Infinera (NASDAQ:INFN) Corporation (NASDAQ: INFN), a global supplier of optical networking solutions, has announced its preliminary financial results for the third and fourth quarters of 2023 are expected to be within or exceed the previously provided ranges. This update comes as the company is still in the process of finalizing its financial statements.
Infinera's CFO, Nancy Erba, expressed satisfaction with the company's financial performance in the latter half of 2023, attributing the positive preliminary results to strong bookings and robust free cash flow generation. The company anticipates that the revenue and net income per diluted share for both quarters will match or surpass the outlook provided on November 8, 2023.
On January 9, 2024, Infinera submitted a compliance plan to Nasdaq in response to a previously disclosed delay in filing its third-quarter Form 10-Q. The plan outlines steps the company will take to align with Nasdaq Listing Rule 5250(c)(1).
Infinera and its auditors have not identified any new material weaknesses during their ongoing assessments and believe that any necessary accounting adjustments will not affect the materiality of past financial statements but will rather represent timing-related shifts between accounting periods.
The company has cautioned that neither it nor its auditors have completed the review of the financial results for the third and fourth quarters of 2023. Therefore, the final results for these periods are pending and subject to the completion of the review process, which may lead to adjustments.
Infinera specializes in providing innovative open optical networking solutions, including advanced optical semiconductors. These products are designed to enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations.
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