 SUNNYVALE, Calif., Aug. 05, 2020 GLOBE NEWSWIRE -- Infinera Corporation NASDAQ: INFN today released financial results for its second quarter ended June 27, 2020. GAAP revenue for the quarter was 331.6 million compared to 330.3 million in the first quarter of 2020 and 296.3 million in the second quarter of 2019.GAAP gross margin for the quarter was 29.4 compared to 23.3 in the first quarter of 2020 and 20.7 in the second quarter of 2019. GAAP operating margin for the quarter was 13.5 compared to 23.3 in the first quarter of 2020 and 36.6 in the second quarter of 2019.GAAP net loss for the quarter was 61.6 million, or 0.33 per share, compared to 99.3 million, or 0.55 per share, in the first quarter of 2020, and 113.7 million, or 0.64 per share, in the second quarter of 2019.Non-GAAP revenue for the quarter was 332.6 million compared to 331.4 million in the first quarter of 2020 and 306.9 million in the second quarter of 2019.Non-GAAP gross margin for the quarter was 33.8 compared to 28.3 in the first quarter of 2020 and 30.7 in the second quarter of 2019. Non-GAAP operating margin for the quarter was 1.8 compared to 9.4 in the first quarter of 2020 and 12.3 in the second quarter of 2019.Non-GAAP net loss for the quarter was 17.2 million, or 0.09 per share, compared to a net loss of 49.4 million, or 0.27 per share, in the first quarter of 2020, and net loss of 42.0 million, or 0.24 per share, in the second quarter of 2019.A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this release.I am pleased with our execution in the quarter from a financial, operational and technical perspective, making advances on all fronts. We are managing the operational impacts of COVID-19 and are continuing to take the necessary measures to reduce costs and improve working capital utilization as macroeconomic uncertainty in our industry continues, said Tom Fallon, Infinera CEO. Importantly, I am encouraged by the opportunity we believe will be created by our ICE6 solution as the industry readies for a new technology cycle driven by ever increasing demand for bandwidth.Financial OutlookInfineras outlook for the quarter ending September 26, 2020 is as follows: GAAP revenue is expected to be 334 million - 10 million. Non-GAAP revenue is expected to be 335 million - 10 million. GAAP gross margin is expected to be 30.5 - 150 bps. Non-GAAP gross margin is expected to be 34 - 150 bps. GAAP operating expenses are expected to be 137 million - 1.5 million. Non-GAAP operating expenses are expected to be 116.5 million - 1.5 million. GAAP operating margin is expected to be 11.0 - 200 bps. Non-GAAP operating margin is expected to be 1.0 - 200 bps.Second Quarter 2020 Investor Slides Available OnlineInvestor slides reviewing Infineras second quarter of 2020 financial results will be furnished to the SEC on a Current Report on Form 8-K and published on Infineras Investor Relations website at investors.infinera.com prior to second quarter of 2020 earnings conference call. Analysts and investors are encouraged to review these slides prior to participating in the conference call webcast.Conference Call InformationInfinera will host a conference call for analysts and investors to discuss its results for the second quarter of 2020 and its outlook for the third quarter of 2020 today at 5:00 p.m. Eastern Time 2:00 p.m. Pacific Time. Interested parties may join the conference call by dialing 1-866-373-6878 toll free or 1-412-317-5101 international. A live webcast of the conference call will also be accessible from the Events section of Infineras website at investors.infinera.com. Replay of the audio webcast will be available at investors.infinera.com approximately two hours after the end of the live call.Contacts: Media: Anna Vue Tel. 1 916 595-8157 Investors: Michael Bowen, ICR, Inc. Tel. 1 203 682-8299 Marc P. Griffin, ICR, Inc. Tel. 1 646 277-1290 Infinera Infinera is a global supplier of innovative networking solutions that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. The Infinera end-to-end packet-optical portfolio delivers industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit follow us on Twitter Infinera, and read Infineras latest blog posts at StatementsThis press release contains certain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties. Such forward-looking statements include, without limitation, Infineras ability to continue to execute on its financial, operational and technical plans; its expectations regarding its ICE6 solution, and its financial outlook for the third quarter of 2020.Forward-looking statements can also be identified by forward-looking words such as anticipate, believe, could, estimate, expect, intend, may, should, will, and would or similar words. These statements are based on information available to Infinera as of the date hereof and actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infineras results to differ materially from those expressed or implied by such forward-looking statements include, the effect of the COVID-19 pandemic on Infineras business, results of operations, financial condition, stock price and personnel; the effect of global and regional economic conditions on Infineras business, including effects on purchasing decisions by customers; Infineras future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to make anticipated capital expenditures; Infineras ability to service its debt obligations and pursue its strategic plan; delays in the development and introduction of new products or updates to existing products; market acceptance of Infineras end-to-end portfolio; Infineras reliance on single and limited source suppliers; fluctuations in demand, sales cycles and prices for products and services, including discounts given in response to competitive pricing pressures, as well as the timing of purchases by Infineras key customers; the effect that changes in product pricing or mix, andor increases in component costs could have on Infineras gross margin; Infineras ability to respond to rapid technological changes; aggressive business tactics by Infineras competitors; the effects of customer consolidation; the impacts of foreign currency fluctuations; Infineras ability to protect Infineras intellectual property; claims by others that Infinera infringes their intellectual property; war, terrorism, public health issues, natural disasters and other circumstances that could disrupt the supply, delivery or demand of Infineras products; and other risks and uncertainties detailed in Infineras SEC filings from time to time. More information on potential factors that may impact Infineras business are set forth in its Annual Report on Form 10-K for the year ended on December 28, 2019 as filed with the SEC on March 4, 2020, and its Quarterly Report on Form 10-Q for the quarter ended March 28, 2020 as filed with the SEC on May 15, 2020, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Infineras website at and the SECs website at Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.Use of Non-GAAP Financial InformationIn addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles GAAP, this press release and the accompanying tables contain certain non-GAAP financial measures that exclude acquisition-related deferred revenue and inventory adjustments, other customer related charges, stock-based compensation expenses, amortization of acquired intangible assets, acquisition and integration costs, restructuring and related costs, COVID-19 related costs, litigation charges, amortization of debt discount on Infineras convertible senior notes, gain on non-marketable equity investments, along with related income tax effects. For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the section titled, GAAP to Non-GAAP Reconciliations.Infinera has included forward-looking non-GAAP information in this press release, including an estimate of certain non-GAAP financial measures for the third quarter of 2020 that exclude acquisition-related deferred revenue adjustments, stock-based compensation expenses, amortization of acquired intangible assets, acquisition and integration costs related to Infineras acquisition of Coriant, and restructuring and related expenses. Please see the section titled, GAAP to Non-GAAP Reconciliation of Financial Outlook below on specific adjustments.Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. 