Credit: Presumed Apple ( AAPL ) supplier Lumentum Holdings ( LITE ) on Wednesday reported September quarter profit and revenue that missed estimates but forecast current quarter sales and profit above expectations.
Lumentum said fiscal first-quarter adjusted earnings were 43 cents a share, down 12% from a year ago, missing consensus estimates. Revenue fell nearly 6% to $243.2 million, also missing views. Analysts expected Lumentum to report earnings of 53 cents on sales of $257 million for the period ended Sept. 30.
For the December quarter, Lumentum forecast profit in a range of $1.05-$1.25 per share and revenue of $360 million at its midpoint of guidance vs. consensus estimates of $1.02 per share in earnings on $353 million in sales, up 31%.
"Despite first quarter headwinds in the telecom and Datacom markets, we returned to solid growth driven by a ramp in our 3D sensing business, which will accelerate significantly in the second quarter," Alan Lowe, Lumentum's chief executive, said in a press release.
Lumentum is said to be a supplier of optical 3D sensor components for Apple's iPhone X. Slowing demand for optical devices from China's telecom network gear makers has pressured Lumentum and other fiber-optic part maker stocks.
Shares in the maker of optical devices for communications networks and consumer electronics ticked up 5 cents to close at 63.20 on the stock market today .
Lumentum stock was up 61% for 2017 as of Tuesday's market close. Lumentum has formed a cup chart pattern and is just below a buy point of 68.73.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
