Infinera Soars 20% Following Q4 Beat

Shares of Infinera Corp. INFN soared approximately 20 percent Friday following a strong Q4 earnings report.

Fourth quarter revenue came in at $186.3 million, well above estimates of $168.69 million and the $139.1 million reported in the fourth quarter of 2013.

Non-GAAP net income for the quarter was $18.0 million, or $0.13 per diluted share, also well above estimates of $0.07.

In a press release, Infinera's Chief Executive Officer Tom Fallon said, "The fourth quarter capped off an exceptional year of winning footprint, taking care of customers and increasing profitability. Growing greater than 20 percent for a second consecutive year demonstrates the market's acceptance of our differentiated products and the overall Infinera experience.”

The stock gave back some of its earlier gains by mid-day and recently traded at $16.90, up 17.4 percent.