RTTNews | Nov 5, 2020 11:00PM EST

23:00 Thursday, November 5, 2020 (RTTNews.com) - Infinera Corp (INFN) reported that its third quarter GAAP net loss narrowed to $35.9 million, or $0.19 per share from $84.8 million or $0.47 in the last year.

Non-GAAP net income for the quarter was $4.2 million or $0.02 per share, compared to a net loss of $30.5 million or $0.17 per share in the same period last year.

Quarterly GAAP revenue rose to $340.2 million from $325.3 million a year ago. Non-GAAP revenue was $341.2 million, higher than $327.6 million a year earlier.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share and revenues of $335.91 million for the quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company expects adjusted revenues of $355 million, plus or minus $15 million. Analysts currently expect revenues of $357.51 million.

INFN closed Thursday's trading at $7.15, up $0.62 or 9.49%, on the Nasdaq. The stock dropped $0.15 or 2.10% in the after-hours trade.

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