LITE - Why Lumentum Holdings Stock Got Trounced on Tuesday
2024-05-07 18:41:57 ET
Market players weren't exactly dialed in to telecom equipment specialist Lumentum Holdings (NASDAQ: LITE) on Tuesday. The company's share price dived by more than 6% in reaction to its latest earnings release. By contrast, the S&P 500 index ended the day marginally in positive territory (at 0.1%).
For its fiscal third quarter, Lumentum earned $366.5 million in net revenue, which was 4% below the same period of fiscal 2023. Non-GAAP (adjusted) net income suffered a steeper fall, tumbling to $19.6 million ($0.29 per share) from the year-ago profit of $51.8 million.
On average, analysts tracking Lumentum stock were anticipating $364.7 million on the top line and $0.26 for adjusted, per-share net income.
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Why Lumentum Holdings Stock Got Trounced on Tuesday