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Infinera Corp. has a market cap of $783.4 million; its shares were traded at around $8.14 with and P/S ratio of 2.6. INFN is in the portfolios of David Swensen of Yale University, Wilbur Ross of Invesco Private Capital, Inc., Manning & Napier Advisors, Inc, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations: We will continue to make significant investments in our business, and currently management believes that operating expenses, including stock-based compensation expense, will be approximately $65 million to $70 million in the fourth quarter of 2010 and $240 million to $245 million for fiscal year 2010.
Total revenue increased to $130.1 million for the three months ended September 25, 2010 from $83.4 million for the corresponding period in 2009. We have experienced a recovery in overall demand and, in particular, demand from existing customers in the third quarter of 2010 as compared to the same period in 2009. Revenue levels in the three months ended September 26, 2009 as compared to the corresponding period in 2010 were significantly impacted by the downturn in the economy as new and existing customers delayed purchasing decisions and limited their new purchases. As the economic environment has improved, we have experienced increased business activity with many of our customers, including strong demand from Level 3, cable operators and our internet content customers in North America. However, we expect demand from these customers to decline in the fourth quarter of 2010 as they absorb their network purchases from prior periods. This is expected to result in a quarter-over-quarter decline in overall revenues for the fourth quarter of 2010 as compared to the third quarter of 2010. We do not have the visibility necessary to accurately predict future revenues beyond this one-quarter time horizon.
Total revenue increased to $337.2 million for the nine months ended September 25, 2010 from $218.9 million for the corresponding period in 2009. We have experienced a recovery in overall demand and, in particular, demand from existing customers in the nine months ended September 25, 2010 as compared to the same period in 2009. Revenue levels in the first half of 2009 were significantly impacted by the downturn in the economy as new and existing customers delayed purchasing decisions and limited their new purchases. As the economic environment has improved, we have experienced increased business activity with many of our customers, including strong demand from Level 3 and our cable and internet content customers in North America.
Total product revenue increased to $115.1 million for the three months ended September 25, 2010 from $73.7 million for the corresponding period in 2009. Total product revenue increased to $299.3 million for the nine months ended September 25, 2010 from $193.9 million for the corresponding period in 2009. The increase in product revenue in the three and nine months ended September 25, 2010 was primarily due to increased sales of our DTN System to new and existing customers reflecting an overall improvement in the economic environment.
Product and related support services revenue that is recognized ratably includes sales of products and services that were deferred under previous accounting standards, prior to our adoption of ASU 2009-13 and ASU 2009-14 as discussed in Note 3, “Summary of Significant Accounting Policies,” to the Notes to Condensed Consolidated Financial Statements, because VSOE of fair value had not been established for the undelivered elements. Total ratable revenue levels increased to $1.5 million for the three months ended September 25, 2010 from $0.9 million for the corresponding period in 2009. Total ratable revenue levels increased to $4.7 million for the nine months ended September 25, 2010 from $3.2 million for the corresponding period in 2009. The increase in ratable revenue in the three and nine months ended September 25, 2010 was primarily due to the recognition of the previously deferred ratable product revenue.
Total services revenue increased to $13.5 million for the three months ended September 25, 2010 from $8.8 million for the corresponding period in 2009 reflected the recognition of $1.3 million of incremental deployment services revenue. In addition, we recognized increased revenue from our spares management service of $1.1 million, our extended hardware warranty service of $0.9 million and our software subscription service of $0.6 million. Total services revenue increased to $33.2 million for the nine months ended September 25, 2010 from $21.8 million for the corresponding period in 2009 primarily reflecting the recognition of $4.6 million of incremental deployment services revenue. In addition, we recognized increased revenues from our spares management service of $2.8 million, our extended hardware warranty service of $2.7 million and our software subscription service of $1.5 million. We expect to continue to
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