Shares of Infinera surged 9% on Thursday following the announcement by the network-connectivity solutions provider that its fourth-quarter revenue and earnings are projected to exceed previous guidance.
Infinera's stock recently traded at $4.99, marking a 29% decrease over the past year. However, shares reached $5.13 during intraday trade, reaching a near six-month high.
The company stated on Wednesday that its revenue for the quarter ending December 30th is either expected to meet or surpass the previously forecasted range of $421 million to $451 million. Furthermore, earnings are projected to fall within or even exceed the forecast range of a loss of 4 cents a share to earnings of 4 cents a share.
These revised forecasts are supported by strong booking numbers, affirming Infinera's positive performance.
Nasdaq Compliance Plan
In addition to the positive financial outlook, Infinera also revealed that it has submitted a compliance plan to Nasdaq. This plan outlines how the company intends to regain compliance with Listing Rule 5250 (c)(1), which mandates companies to file timely financial reports with the Securities and Exchange Commission (SEC).
In November, Infinera received a delinquency notice from Nasdaq after failing to submit its third-quarter 10-Q report. To rectify this, Nasdaq granted Infinera until January 9, 2024, to present a compliance plan.