Published on 8 Nov 2023 on GuruFocus.com via Yahoo Finance

Lumentum Holdings Inc (LITE) Reports Mixed Fiscal Q1 2024 Results

Lumentum Holdings Inc (NASDAQ:LITE) reports a net revenue of $317.6 million, a 37.3% decrease year-over-year.GAAP gross margin stood at 24.1%, while non-GAAP gross margin was reported at 34.9%.The company experienced a GAAP operating loss of 25.4% but maintained a non-GAAP operating margin of 3.3%.Non-GAAP diluted net income per share was $0.35, surpassing the midpoint of the company's guidance.

Warning! GuruFocus has detected 2 Warning Signs with LITE.

Lumentum Holdings Inc (NASDAQ:LITE) disclosed its financial results for the fiscal first quarter of 2024 on November 8, 2023, revealing a challenging period marked by a significant year-over-year revenue decline. The company's net revenue of $317.6 million represented a 37.3% decrease compared to the same quarter in the previous fiscal year. Despite the revenue downturn, Lumentum's non-GAAP diluted net income per share of $0.35 exceeded the midpoints of their guidance, indicating effective cost management and operational efficiency.