Summary
Lumentum Holdings Inc. reported a net loss of $82.4 million, or $1.21 per share, for the three months ended September 28, 2024. This compares to a net loss of $67.9 million, or $1.02 per share, in the same period last year. Net revenue increased by 6.1% to $336.9 million, driven by a significant rise in the Cloud & Networking segment, largely due to AI/ML demand and the Cloud Light acquisition. However, the Industrial Tech segment saw a substantial revenue decline. The company's gross margin decreased year-over-year, impacted by a less profitable product mix, including higher sales of AI/ML-related products, and lower factory utilization. Despite the net loss, the company's cash and cash equivalents increased, reflecting positive operating and financing activities.
Financial Highlights
48 data points| Revenue | $336.90M |
| Gross Profit | $77.90M |
| R&D Expenses | $74.30M |
| SG&A Expenses | $76.30M |
| Operating Expenses | $160.30M |
| Operating Income | -$82.40M |
| Net Income | -$82.40M |
| EPS (Basic) | $-1.21 |
| EPS (Diluted) | $-1.21 |
| Shares Outstanding (Basic) | 68.30M |
| Shares Outstanding (Diluted) | 68.30M |
Key Highlights
- 1Net loss of $82.4 million ($1.21 per share) for the quarter, widening from a net loss of $67.9 million ($1.02 per share) in the prior year period.
- 2Net revenue increased by 6.1% to $336.9 million, primarily driven by the Cloud & Networking segment's growth.
- 3Cloud & Networking segment revenue rose 22.9% to $282.3 million, boosted by AI/ML demand and the Cloud Light acquisition.
- 4Industrial Tech segment revenue declined 37.9% to $54.6 million due to market competition, macroeconomic factors, and customer inventory reduction.
- 5Gross margin decreased to 23.1% from 24.1% in the prior year, impacted by product mix and lower factory utilization.
- 6The company ended the quarter with $489.2 million in cash and cash equivalents, an increase from $436.7 million at the end of the previous quarter.