Press release
Lumentum Announces Fiscal Third Quarter 2023 Financial Results
Net revenue of $383.4 million GAAP gross margin of 29.2%; Non-GAAP gross margin of 40.8% GAAP operating loss of 13.4%; Non-GAAP operating margin of 13.4%
About this update from Lumentum Holdings Inc.
[{"type":"text","content":"\n\nNet revenue of $383.4 million\n\n\n\nGAAP gross margin of 29.2%; Non-GAAP gross margin of 40.8%\n\n\n\nGAAP operating loss of 13.4%; Non-GAAP operating margin of 13.4%\n\n\n\nGAAP diluted net loss per share of $0.57; Non-GAAP diluted net income per share of $0.75 \n\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nLumentum Holdings Inc. (“Lumentum” or the “Company”) today reported results for its fiscal third quarter ended April 1, 2023.\n\n\n“Our third quarter results reflect the impact of customer inventory digestion, and we believe we are currently under-shipping end-market demand across our business,” said Alan Lowe, President and CEO. “I am confident about our overall competitiveness and market share positions in our optical communications and commercial lasers segments and believe that mid- to long-term demand drivers are very favorable. As we navigate current demand, we are prioritizing expense controls, accelerated attainment of acquisition synergies, and cash generation, while we continue to deliver on our new product and technology roadmaps and customer satisfaction.”\n\n\nFiscal Third Quarter Highlights:\n\n\nNet revenue for the fiscal third quarter of 2023 was $383.4 million, with GAAP net loss of $39.3 million, or $0.57 loss per diluted share. Net revenue for the fiscal second quarter of 2023 was $506.0 million, with GAAP net loss of $31.7 million, or $0.46 loss per diluted share. Net revenue for the fiscal third quarter of 2022 was $395.4 million, with GAAP net income of $26.0 million, or $0.35 per diluted share.\n\n\nNon-GAAP net income for the fiscal third quarter of 2023 was $51.8 million, or $0.75 per diluted share. Non-GAAP net income for the fiscal second quarter of 2023 was $104.1 million, or $1.52 per diluted share. Non-GAAP net income for the fiscal third quarter of 2022 was $88.9 million, or $1.19 per diluted share.\n\n\nThe Company held $1,667.2 million in total cash, cash equivalents, and short-term investments at the end of the fiscal third quarter of 2023, down $13.2 million from the end of the fiscal second quarter of 2023.\n\n\n\n\nFinancial Overview – Fiscal Third Quarter Ended April 1, 2023\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nGAAP Results ($ in millions)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ3\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ3\n\n\n\n\n\n\n \n\n\n\n\n\n\nChange\n\n\n\n\n\n\n...