Shares of Lumentum Holdings Inc. (NASDAQ: LITE) soared over 24% in pre-market trading on November 8, 2024, after the optical communications company reported stellar fiscal first-quarter 2025 earnings that smashed Wall Street expectations. The strong results were fueled by robust demand for Lumentum's cloud and networking products.
For the quarter ended September 30, 2024, Lumentum posted an adjusted earnings per share of $0.18, a staggering 50% above the consensus analyst estimate of $0.12. The company's revenue of $336.9 million also exceeded projections of $324.98 million, marking a 3.67% upside surprise.
The standout performance was driven by Lumentum's Cloud and Networking segment, which saw revenue surge 23% year-over-year to $282.3 million. The company secured an additional hyperscale transceiver customer and set a new record for Datacom laser chip orders, reflecting the growing demand for its products in the cloud and AI infrastructure markets.
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