Lumentum reported net revenue for its fiscal third quarter of 2020, ended March 28, 2020, of $402.8 million, with GAAP net income of $43.4 million, or $0.56 per diluted share. Net revenue for the fiscal second quarter of 2020 was $457.8 million, with GAAP net income of $49.1 million, or $0.63 per diluted share. Net revenue for the fiscal third quarter of 2019 was $432.9 million, with GAAP net loss of $(74.3) million, or $(0.98) per diluted share. Non-GAAP net income for the fiscal third quarter of 2020 was $98.0 million, or $1.26 per diluted share. Non-GAAP net income for the fiscal second quarter of 2020 was $119.4 million, or $1.53 per diluted share. Non-GAAP net income for the fiscal third quarter of 2019 was $70.9 million, or $0.92 per diluted share.
COVID-19 revenue impact was more than $10 million higher than in prior guidance due to the spread beyond China late in the quarter.
“While the COVID-19 pandemic is currently impacting our ability to satisfy strong customer demand for our communications products, we believe the world’s experience with COVID-19 will accelerate the shift to increasingly digital and virtual approaches to work, education, health care, entertainment, social interaction, and commerce, creating even more opportunity for Lumentum over the long-term”, said Alan Lowe, President and CEO. “Our strategy of technology and product leadership in close alignment with market leading customers is even more apt in these times. The market and technology leadership positions and financial strength we have attained to date, with this strategy, position us well for the future.”
