Lumentum Holdings Inc. Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Fiscal Q2 revenue: $366.8M, above guidance midpoint but down 27.5% year-over-year. Sequential growth of 15.5% driven by strong cloud demand and partial-quarter Cloud Light contribution.
  • Non-GAAP EPS: $0.32, also above midpoint.
  • Cloud Light acquisition contributed $59.5M in the quarter (partial), with stronger contributions expected in Q3.
  • Ongoing telecom inventory digestion and weaker industrial demand weighed on year-over-year comparisons.

Key Segment Performance

Cloud & Networking
  • Revenue: $286.7M, up 24.8% sequentially but down 25.1% year-over-year.
  • Drivers: strong demand for AI/ML data center hardware, initial Cloud Light integration, growing traction in next-gen transceivers.
  • Cloud Light shipments of 800G transceivers strong; 1.6T products in development and expected to ramp with qualifications later in 2024.
  • Customer transition at largest hyperscaler will cause temporary revenue dip in June and September quarters before re-acceleration into late 2024 and 2025.
Industrial Tech
  • Revenue: $80.1M, down 8.9% sequentially and down 34.9% year-over-year.
  • Drivers: consumer 3D sensing seasonality, macro softness, and elevated customer inventory—especially with one major laser customer.

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Operator: Good day, everyone, and welcome to the Lumentum Holdings' Second Quarter Fiscal Year 2024 Earnings Call. All participants will be in a listen-only mode. Please also note that today's event is being recorded for replay purposes. [Operator Instructions] At this time, I would like to turn the call over to Kathy Ta, Vice President of Investor Relations. Ms. Ta, please go ahead. Kathy Ta: This is Kathy Ta, Lumentum's Vice President of Investor Relations. Joining me today are Alan Lowe, President and Chief Executive Officer; Wajid Ali, Executive Vice President and Chief Financial Officer; and Chris Coldren, Senior Vice President and Chief Strategy and Corporate Development Officer. Today's call will include forward-looking statements, including statements regarding our expectations and beliefs regarding recent acquisitions, including Cloud Light and NeoPhotonics, financial and operating results, macroeconomic trends, trends and expectations for our products and technology, our end markets, market opportunities and customers, and our expected financial performance, including our guidance as well as statements regarding our future revenues, financial model, and margin targets. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations, particularly the risk factors described in our SEC filings. We encourage you to review our most recent filings with the SEC, particularly the risk factors describ

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