Why Lumentum Stock Got Crushed on Wednesday
Shares of Lumentum (NASDAQ: LITE) have gotten crushed today, down by 17% as of noon EDT, after the company reported fiscal third-quarter earnings. Lumentum's top-line results and guidance disappointed investors and the company took a hit due to delays in deployments.
Revenue in the fiscal third quarter was $419.5 million, which missed the consensus estimate of $434 million. That resulted in adjusted earnings per share of $1.40, which was on target with what Wall Street was looking for. Lumentum is a technology company that provides optical and photonic components.
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Source Fool.com
