Revenue during the quarter dropped 28.31 percent to $175.52 million from $244.82 million in the previous year period. Gross margin for the quarter contracted 1103 basis points over the previous year period to 36.49 percent. Operating margin for the quarter stood at negative 21.55 percent as compared to a positive 6.07 percent for the previous year period.

Operating loss for the quarter was $37.83 million, compared with an operating income of $14.87 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $20 million compared to operating profit of $30.11 million in prior year period.

"We started the year with a solid first quarter, exceeding our financial guidance and moving closer to bringing our new Infinite Capacity Engine products to market," said Tom Fallon, Infinera's Chief Executive Officer. "With network architectures and customer requirements evolving rapidly, we are seeing increasing opportunities to deliver scalable network solutions that enable our customers’ go-to-market strategies. As we deliver new products in upcoming quarters and new optical engines every few years, I believe we are well positioned to extend our technology differentiation and return to delivering strong financial results."

The company has spent $50.86 million cash to meet investing activities during the quarter as against cash inflow of $15.49 million in the last year period.

Cash flow from financing activities was $9.66 million for the quarter, up 80.83 percent or $4.32 million, when compared with the last year period.

Cash and cash equivalents stood at $125.66 million as on Apr. 01, 2017, down 30.18 percent or $54.32 million from $179.97 million on Mar. 26, 2016.

Working capital remains almost stable
Infinera Corp has recorded an increase in the working capital over the last year. It stood at $464.70 million as at Apr. 01, 2017, up 0.59 percent or $2.74 million from $461.96 million on Mar. 26, 2016. Current ratio was at 3.25 as on Apr. 01, 2017, up from 3.13 on Mar. 26, 2016.

Cash conversion cycle (CCC) has decreased to 114 days for the quarter from 136 days for the last year period. Days sales outstanding went up to 81 days for the quarter compared with 69 days for the same period last year.

Days inventory outstanding has decreased to 95 days for the quarter compared with 129 days for the previous year period. At the same time, days payable outstanding was almost stable at 62 days for the quarter, when compared with the previous year period.