Lumentum reported net revenue for its fiscal second quarter of 2022 of $446.7 million, with GAAP net income of $56.7 million, or $0.75 per diluted share. This compares with net revenue for the fiscal first quarter of 2022 was $448.4 million, with GAAP net income of $81.5 million, or $1.08 per diluted share. Net revenue for the fiscal second quarter of 2021 was $478.8 million, with GAAP net income of $83.2 million, or $1.06 per diluted share. Non-GAAP net income for the fiscal second quarter of 2022 was $120.2 million, or $1.60 per diluted share.
The company said demand for its products is accelerating while supply hinders revenue in near term. All financial metrics exceeded Q2 guidance midpoint, despite $50 million of supply constraints.
"Second quarter demand was strong across all major product lines, and our results were above the midpoint of our guidance on all metrics," said Alan Lowe, President and CEO. "Industry-wide supply shortages have worsened with the recent surge in COVID-19 and are negatively impacting our third quarter revenue guidance by more than $65 million. These shortages come at a time when customer demand is accelerating for our differentiated communications products, which are essential to multi-year expansions in next-generation optical network capacity that are just beginning to be deployed. We continue to work to alleviate supply constraints, and expect fourth quarter revenue to be up from that of the third quarter and supply shortages to improve by the second half of this calendar year."
Some highlights from Lumentum:
- For its Telecom & Datacom division, revenue was up Q/Q with exceptional strength in nearly all of its telecom line
- High-speed, 400G+ coherent revenue nearly doubled Q/Q
- Pump laser revenue grew Q/Q again to a new all-time high
- EML revenue was up 45% Y/Y
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