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A big order cancellation is likely to hurt its results for the next two quarters. There is some softness in demand among other data center component makers, too.
Lumentum's stock tumbled after the company released its Q2 earnings report. Its cyclical challenges, competitive threats, and customer concentration issues are difficult to overlook.
Lumentum stock heads for lowest price since 2019 as component glut seems to spread to telecom sector
Lumentum Holdings Inc. shares dropped toward their lowest closing price since 2019 on Thursday amid concerns that inventory backups that have plagued different sectors of tech have spread to the telecommunications industry.
The company said a major customer decided to not take shipments initially planned for its fiscal third quarter.
Lumentum Holdings has warned investors of a weaker March quarter after the cancellation of a major order. The San Jose-based optical and photonic products lowered its fiscal 3Q revenue range to between $380 and $384 million, compared to the company's previous expectation of $430 to $460 million.
Lumentum (NASDAQ: LITE ) stock is falling on Thursday after the optical and photonic company announced preliminary results for its fiscal third quarter of 2023. The big news here is the company expecting revenue for the quarter to range from $380 million to $384 million.
Markets were mixed again on Wednesday. Costco reported disappointing sales figures for March 2023.
Lumentum Inc. LITE, -2.17% shares dove nearly 10% in after-hours trading Wednesday, following disclosure of an expected shortfall in its fiscal third-quarter revenue. The maker of optical-networking components said in a release that a corporate customer cancelled an order late in the quarter that will cause the company to miss its stated revenue projection.
Lumentum Holdings beat earnings expectations by implementing cost discipline and leveraging synergies from acquisitions. The company faces broad-based demand weakness, including reduced demand for datacom modules and 3D sensing.
SAN JOSE , March 3, 2023 /PRNewswire/ -- Lumentum Holdings Inc. ("Lumentum"), a market-leading designer and manufacturer of innovative optical and photonic products, today announced that several of its thought leaders will participate in technical sessions and panel discussions at the Optical Fiber Communication Conference (OFC) being held in San Diego, California from March 5 - 9, 2023. Lumentum speakers will discuss industry trends accelerating the transition to 800G and beyond, and enabling cost-effective capacity growth, performance and revenue potential for coherent optical networks.