LITE - Why Lumentum Holdings Stock Dropped After Earnings
2024-02-08 13:08:38 ET
Shares of the wonderfully named Lumentum Holdings (NASDAQ: LITE) , a specialist in lasers used for fiber optical communications, tumbled 17.2% through noon ET on Thursday, despite beating analyst targets for its fiscal second quarter of 2024 this morning.
Heading into its Q2 earnings report, analysts had forecast the telecommunications equipment company would earn $0.30 per share on sales of $363.3 million. In fact, Lumentum earned $0.32 per share on sales of $366.8 million -- a small beat to be sure, but still a beat.
But if Lumentum beat earnings this morning, why is its stock falling this afternoon? Well, the sad truth is that Lumentum's results -- while better than expected -- were still far from good.
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Why Lumentum Holdings Stock Dropped After Earnings