Lumentum said net revenue for the 3 months ended December 30, 2023 decreased $139.2 million (27.5%) from a year earlier, with Cloud & Networking revenue down $96.2 million and Industrial Tech revenue down $43.0 million.

1. 01

   Lumentum said net revenue for the 3 months ended December 30, 2023 decreased $139.2 million (27.5%) from a year earlier, with Cloud & Networking revenue down $96.2 million and Industrial Tech revenue down $43.0 million.

2. 02

   The company said gross margin for the quarter fell to 17.4% from 32.8% a year earlier. It cited lower revenue, a less profitable product mix, and $7.9 million of incremental excess and obsolete inventory charges tied to U.S. trade restrictions as factors.

3. 03

   The company said it used $3.8 million of cash in operating activities over the 6 months ended December 30, 2023, and that cash and cash equivalents fell $389.7 million from $859.0 million to $469.3 million.

4. 04

   The company said it used $377.1 million of cash in investing activities over the 6 months ended December 30, 2023, including $700.9 million for the Cloud Light acquisition, net of cash acquired.

Key figures

Quarter ended December 30, 2023

Revenue

$367M

Operating income

−$105M

Net income

−$99M

EPS

−$1.47

Gross profit

$64M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.