Infinera shares jumped 6.5% due to strategic deals and revenue growth

From NASDAQ: 2024-04-04 03:41:00

Infinera (INFN) shares rose 6.5% to $6.25 in the last trading session, backed by strong volume. The stock has gained 14% in the past four weeks. Strategic deal wins and topline growth are driving this momentum in the company, positioning it well for a strong second half of 2024.

Infinera’s improving performance is attributed to winning strategic deals with key service providers worldwide. The company anticipates slow growth in the first half of 2024 but expects revenue in the range of $320-$350 million for the first quarter. The commercial availability of 400 gig XR pluggables and Metro systems integration are key highlights.

For the upcoming quarter, Infinera is expected to report a loss of $0.11 per share, with revenues of $337.73 million. Although earnings estimates have been revised lower, the recent stock price jump is a positive sign. Investors are advised to monitor INFN closely for potential strength in the future.

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Read more at NASDAQ: Strength Seen in Infinera (INFN): Can Its 6.5% Jump Turn into More Strength?