Lumentum Holdings Inc. (LITE) said before open Tuesday that it earned $1.69 per share in quarter one 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $506.8 million, beating estimates by $3.2 million.
In the same quarter a year ago, the company earned $1.79 per share on revenue of $448.4 million.
The stock is down 14.48% to $60.19 after the report.
Despite revenues increasing, earnings decreased, signaling a decline in profit margins.
Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.
Trading in the five days leading up to the report earned Lumentum Holdings Inc. a Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 44. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.
Lumentum Holdings Inc is a California-based technology firm. The company provides two types of optical and photonic products: optical components that are used in telecommunications networking equipment, and commercial lasers for manufacturing, inspection, and life-science lab uses. Its segments are OpComms and Lasers. The firm is also expanding into new optical applications, such as 3-D sensing laser diode for consumer electronics. It generates maximum revenue from the OpComms segment. The OpComms segment products include a wide range of components, modules and subsystems to support customers including carrier networks for access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications.
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Lumentum Holdings Inc. Down 14.48% To $60.19 After Earnings Beat
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