LITE - Lumentum slides 9% on lowering Q3 expectations

2023-04-06 03:11:53 ET

• Lumentum ( NASDAQ: LITE ) stock slumped 9% after Q3 expectations were slashed with revenue to be in the range of $380M-384M, compared to the company’s previous expectation of $430M-460M.
• The company’s previously announced authorization was $1B through May 2024. As of April 1, 2023, the company had used $615.5M to repurchase 7.4M shares.
• Alan Lowe, President and CEO. “This shortfall is the primary reason that our fiscal 2023 third quarter revenue will be below the low end of our prior guidance range. Looking ahead, we expect a similar level of shipments to this customer in our fiscal Q4, as we saw in Q3. Nevertheless, our customer relationship remains strong, and we continue to work together closely to help them achieve success.”

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