Lumentum's Cloud And AI Focus Drives Q4 Beat, Stock Jumps
Portfolio Pulse from Lekha Gupta
Lumentum Holdings Inc. (NASDAQ:LITE) reported better-than-expected Q4 results, with net revenue of $308.3 million surpassing the consensus of $300.8 million. Despite declines in Cloud & Networking and Industrial Tech segments, the company exceeded guidance midpoints for both revenue and EPS. Lumentum's focus on cloud and AI is expected to drive growth in 2025. The stock jumped 14% following the earnings report, and several analysts raised their price targets.
August 15, 2024 | 1:46 pm
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Lumentum Holdings Inc. reported Q4 results that beat expectations, with net revenue of $308.3 million and adjusted EPS of $0.06. The stock surged 14% as analysts raised their price targets. The company's focus on cloud and AI is expected to drive growth in 2025.
Lumentum's better-than-expected Q4 results and positive outlook for cloud and AI growth have led to a significant stock price increase and analyst upgrades. This indicates strong investor confidence and potential for further short-term gains.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100