Lumentum Slips To Loss In Q4, Sees Q1 Results Below View; Stock Down

(RTTNews) - Lumentum Holdings Inc. (LITE) reported that its net loss for the fourth quarter of 2023 was $60.2 million or $0.88 per share compared to net income of $34.7 million or $0.49 per share in the prior year.

In Thursday pre-market trade, LITE was trading at $43.98 down $2.83 or 6.05%.

Non-GAAP net income for the fourth quarter of 2023 was $40.2 million or $0.59 per share down from $105.0 million or $1.47 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Quarterly net revenue was $370.8 million, down from $422.1 million last year. Analysts expected revenue of $366.47 million for the quarter.

For the fiscal first quarter of 2024, the company projects non-GAAP earnings per share to be in the range of $0.20 to $0.35 and net revenue of $300 million to $325 million. Analysts expect the company to report earnings of $0.58 per share and revenues of $369.1 million for the first quarter.

The company expects year-over-year Telecom and Datacom growth in calendar 2024.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com