By Zaeem Shoaib
Shares of Lumentum Holdings dropped on Thursday following the company’s announcement of lower revenue and a wider loss in its second fiscal quarter compared to the same period last year.
The stock experienced an 18% decline, reaching $48.35. Over the past 52 weeks, the stock has fallen by 21%.
During the second quarter, Lumentum Holdings reported a loss of $99.1 million, equivalent to $1.47 per share, compared to a loss of $31.7 million, or 46 cents per share, in the previous year. Analysts surveyed by FactSet had forecasted a loss of 80 cents per share.
Furthermore, net revenue for the second quarter dropped to $366.8 million from $506 million. On an adjusted basis, earnings reached 32 cents per share. Analysts polled by FactSet had estimated 31 cents.
Looking ahead to the third fiscal quarter, Lumentum Holdings anticipates net revenue to fall within the range of $350 million to $380 million. Adjusted earnings per share for this period are projected to be between 20 cents and 35 cents, compared to the consensus estimate of 32 cents.
