Following the recent US$750 million acquisition of Cloud Light, a manufacturer of advanced optical modules, Lumentum recently announced its first fiscal quarter results as of September 30, 2023. The financial report shows that Lumentum achieved net income of US$317.6 million in the first quarter of fiscal year 2024, GAAP net loss of US$67.9 million, and diluted loss per share of US$1.02.
Non-GAAP net income for the first quarter of fiscal 2024 was $23.4 million, or $0.35 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2023 was $40.2 million, or $0.59 per diluted share.
In the fourth quarter of fiscal year 2023, Lumentum’s net revenue was US$370.8 million, GAAP net loss was US$60.2 million, and diluted loss per share was US$0.88.
As of the end of the financial quarter, Lumentum’s total cash, cash equivalents and short-term investments were US$1.944 billion, a decrease of US$69.3 million compared with the end of the previous financial quarter.
Performance highlights for the latest quarter include:
Group as a whole
– Earnings per share above the midpoint of guidance
– Completed the acquisition of Cloud Light, Lumentum has further become a leading photonics supplier to many cloud customers, and continues to strictly control costs and achieve synergy goals
– Network customer inventory business offset by rising cloud data center demand
Cloud and network business
– Revenue fell 20% month-on-month and 36% year-on-year, in line with customer inventory adjustment expectations
– AI drives 800G transceivers and high-speed for cloud data center customerslaserStrong growth; this quarter, the company completed the EML internal certification of 200g per channel; shipment and delivery are planned in the second half of 2024
– Customer feedback on new generation 800G ZR and 130 & 200G coherent technologies is very positive
– In line with expectations, revenue increased 4% sequentially due to seasonality in 3D sensing
– becauselaserRevenue down 40% year over year on customer inventory revisions and additional competition from certain 3Ds
– Weakness in the sensing business, partly affected byultrafast laseroffset by growth in the server business
“We are very excited to welcome the Cloud Light team to Lumentum. By 2024, we expect cloud applications to drive more than 30% of cloud and networking revenue for data centers and data center interconnect. We expect that as AI computing demand accelerates Driven by this, cloud and networking will achieve year-on-year growth by 2024.”
“As we reported last week, first-quarter revenue and earnings per share were above the midpoint of our guidance, and we are maintaining tight cost controls. We are on track to deliver on our product roadmap and synergies.”
By business unit
Prior to fiscal 2024, Lumentum operates two segments with publicly available business data, including optical communications (OpComms) and commercial lasers (Lasers).
However, in the first quarter of fiscal 2024, Lumentum changed its organizational structure to better align with market, customer and product portfolio trends. Its new business units are cloud and networking and industrial technology. The Cloud and Networking segment includes the Telecommunications and Datacom product lines, which were previously part of the OpComms segment.
The Industrial Technologies segment includes the former Lasers segment and the Industrial & Consumer product lines, which were previously part of the OpComms segment. In order to adapt to the new departmental structure and measures, the previous comparative departmental information has been rewritten. Changes in its operating segments had no impact on our previously reported consolidated results of operations, financial condition or cash flows.
Note: The pictures in this article are from Lumentum’s financial report