Wed, Aug 21, 8:14 PM (146 days ago)
Lumentum Holdings Inc. reported a significant decline in financial performance for the fiscal year ending June 29, 2024, with net revenue of $1,359.2 million, down 23.1% from $1,767.0 million in the previous year. The Cloud & Networking segment, which generated 79.8% of total revenue, saw a notable 18% decrease due to reduced shipments and U.S. export restrictions, though it benefited from the recent acquisition of Cloud Light, contributing $199.5 million. The Industrial Tech segment's revenue also fell by 38.3%, reflecting heightened competition and inventory management by customers. Gross profit plummeted to $251.5 million (18.5% margin) from $569.0 million (32.2% margin) in fiscal 2023, influenced by lower revenue, a less profitable product mix, and increased costs due to overcapacity. Operating expenses rose primarily from restructuring charges and R&D investments, leading to a net loss of $546.5 million, compared to a loss of $131.6 million in the prior year. Looking ahead, Lumentum emphasizes its commitment to innovation and strategic acquisitions to navigate ongoing market challenges, including supply chain constraints and geopolitical risks, while maintaining a strong liquidity position with $436.7 million in cash and cash equivalents.