Shares of Lumentum Holdings Inc. (LITE), a provider of optical and photonic products, are falling more than 17 percent Thursday morning on tepid outlook and wider quarterly loss.
"Based on sluggish carrier capex spending and our latest customer discussions, we now expect customer inventory digestion to extend through the balance of fiscal 2024," commented Alan Lowe, President and CEO.
For the second quarter, the company reported a loss of $99.1 million, or $1.47 per share for the second quarter, wider than $31.7 million, or $0.46 per share loss a year ago.
Excluding one-time items, Lumentum posted a profit of $21.7 million, or $0.32 per share.
Quarterly revenue declined to $366.8 million from $506 million last year.
LITE, currently at $48.41, has traded in the range of $35.35 - $65.16 in the last 1 year.
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