Lumentum Shares Plunge 9% on Preliminary Q3 Revenue Miss
<p>Shares of <a href='https://financialmodelingprep.com/financial-summary/LITE'>Lumentum (NASDAQ:LITE)</a> shares dropped more than 9% after the company reported its preliminary Q3 results, which came in worse than the Street estimates.</p>
<p>The company expects Q3 net revenue in the range of $380-$384 million, compared to the Street estimate of $444.1 million.</p>
<p>This was primarily due to the fact that late in the quarter, a network equipment manufacturer, which represents around 10% of total quarterly revenue, canceled shipments that were originally projected for the quarter. </p>
<p>The company’s board of directors approved an increase in its share repurchase authorization to a total of $1.2 billion from the previous $1 billion.</p>

NASDAQ:LITE