Press release
Lumentum Announces Fiscal First Quarter 2024 Financial Results
Net revenue of $317.6 million GAAP gross margin of 24.1%; Non-GAAP gross margin of 34.9% GAAP operating loss of 25.4%; Non-GAAP operating margin of 3.3% GAAP
About this update from Lumentum Holdings Inc.
[{"type":"text","content":"\n\nNet revenue of $317.6 million\n\n\n\nGAAP gross margin of 24.1%; Non-GAAP gross margin of 34.9%\n\n\n\nGAAP operating loss of 25.4%; Non-GAAP operating margin of 3.3%\n\n\n\nGAAP diluted net loss per share of $1.02; Non-GAAP diluted net income per share of $0.35\n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nLumentum Holdings Inc. (“Lumentum” or the “Company”) today reported results for its fiscal first quarter ended September 30, 2023.\n\n\n“We are thrilled to welcome the talented Cloud Light team to Lumentum. In calendar 2024, we expect cloud applications will drive over 30 percent of our Cloud & Networking revenue, both within data centers and for data center interconnect. We anticipate year-over-year Cloud & Networking growth in calendar 2024, driven by accelerating AI compute requirements,” said Alan Lowe, President and CEO.\n\n\n“As we reported last week, first quarter revenue and EPS results were above the midpoints of our guidance, and we are maintaining tight cost controls. We are delivering as planned on our product roadmaps and synergy attainment.”\n\n\nFiscal First Quarter Highlights:\n\n\nNet revenue for the fiscal first quarter of 2024 was $317.6 million, with GAAP net loss of $67.9 million, or $1.02 per diluted share. Net revenue for the fiscal fourth quarter of 2023 was $370.8 million, with GAAP net loss of $60.2 million, or $0.88 per diluted share. Net revenue for the fiscal first quarter of 2023 was $506.8 million, with GAAP net loss of $0.4 million, or $0.01 per diluted share.\n\n\nNon-GAAP net income for the fiscal first quarter of 2024 was $23.4 million, or $0.35 per diluted share. Non-GAAP net income for the fiscal fourth quarter of 2023 was $40.2 million, or $0.59 per diluted share. Non-GAAP net income for the fiscal first quarter of 2023 was $119.2 million, or $1.69 per diluted share.\n\n\nThe Company held $1,944.3 million in total cash, cash equivalents, and short-term investments at the end of the fiscal first quarter of 2024, down $69.3 million from the end of the fiscal fourth quarter of 2023.\n\n\nPrior to fiscal year 2024, we operated in two reportable segments consisting of Optical Communications (“OpComms”) and Commercial Lasers (“Lasers”). During the fiscal first quarter of 2024, we changed our organizational structure to better align with trends in our markets and our customer and product mix....