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Aug. 16, 2022, 7:45 a.m. EDT

Lumentum stock slumps after earnings beat expectations but outlook was downbeat

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By Tomi Kilgore

Shares of Lumentum Holdings Inc. /zigman2/quotes/204419752/composite LITE +1.11% slumped 8.5% in premarket trading Tuesday, after the optical networking products company reported fiscal fourth-quarter earnings that beat expectations but provided a downbeat profit outlook for the current quarter. Net income for the quarter to July 2 rose to $34.7 million, or 49 cents a share, from $21.5 million, or 28 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.47 topped the FactSet consensus of $1.33. Revenue grew 7.7% to $422.1 million, above the FactSet consensus of $418.0 million, as optical communications revenue increased 4.4% to $390.9 million and lasers revenue rose 38.8% to $51.2 million. For the first quarter, the company expects adjusted EPS of $1.45 to $1.70, below the FactSet consensus of $1.81, and expects revenue of $490 million to $520 million, which surrounds expectations of $491 million. The stock, which closed Monday at a 4 1/2-month high, has run up 10.3% over the past three months through Monday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.0079% has gained 7.2%.

US : U.S.: Nasdaq
$ 45.68
+0.50 +1.11%
Volume: 1.23M
Oct. 2, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$3.03 billion
Rev. per Employee
+0.34 +0.0079%
Volume: 0.00
Oct. 2, 2023 5:21p

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