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Why Lumentum Stock Popped Today

TheMotleyFool

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Shares of Lumentum (NASDAQ: LITE) have popped today, up by 12% as of 3 p.m. EST, after the company reported fiscal second-quarter earnings results. The optical component company, which also supplies Apple with 3D sensing technology, beat expectations for both top and bottom lines.

Revenue in the fiscal second quarter jumped 23% to $457.8 million, which translated into adjusted net income of $119.4 million, or $1.53 per share. Analysts had been modeling for $452 million in sales and adjusted earnings per share of $1.29. Lumentum finished the quarter with $1.3 billion in cash and short-term investments on the balance sheet.

Lumentum's 3D sensing technology powers Apple's Face ID. Image source: Apple.

Source Fool.com

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