Lumentum Holdings Stock Plummets on Lower Revenue and Wider Loss
Lumentum Holdings' stock dropped 17.2% despite beating analyst targets for its fiscal second quarter of 2024, as its results, while better than expected, were still far from good. The company's sales fell 27.5% compared to the same quarter last year, gross margin dropped, and operating losses increased. CEO Alan Lowe blamed "sluggish" carrier capital expenditures for the poor results and warned of continued challenges in the fiscal year. With flat to declining sales and earnings, there is little compelling reason to own Lumentum stock at this time.
