Infinera shares plunge as forecast disappoints

Infinera forecast invoice revenue of $88 million to $90 million in the current quarter, below analysts' expectations of $96 million, as polled by Thomson Financial.

"We believe for the most part these are typical lumpy order patterns, although we did sense a softer tone from management during the conference call," wrote Lehman Brothers analyst Inder M. Singh in a note to investors. He kept an "Equal-weight" rating on the stock.

Jefferies analyst George C. Notter called the quarter solid and the guidance "less-than-stellar," but told investors to buy the stock on weakness as he still sees a significant upside from current levels.

Internet network provider Level 3 Communications, he said, generated $29.6 million of the quarter's revenue, up from $14.7 million in the fourth quarter.

"On the positive side, the Q1 results and the commentary...positively reinforce strong macro and business fundamentals," Notter wrote.

Shares of Sunnyvale, Calif.-based Infinera, which went public at $13 last June, fell $3.60, or 22 percent, to $12.44 in afternoon trading.