Lumentum Holdings Inc said this week it now expected revenue for its fiscal third quarter to be within the range of $380 million to $384 million.
Previously, the company had forecast revenue in the range of $430 million to $460 million.
“Late in our fiscal 2023 third quarter, a network equipment manufacturer who represented more than 10 percent of our fiscal second quarter revenue informed us that due to their inventory management, they would not take the shipments we had originally projected for the quarter,” Alan Lowe, Lumentum’s President and Chief Executive Officer, said in a press release.
“This shortfall is the primary reason that our fiscal 2023 third quarter revenue will be below the low end of our prior guidance range. Looking ahead, we expect a similar level of shipments to this customer in our fiscal Q4, as we saw in Q3. Nevertheless, our customer relationship remains strong, and we continue to work together closely to help them achieve success,” the CEO added.
The company’s board of directors has recently approved an increase in Lumentum’s share repurchase program to an aggregate amount of $1.2 billion and has extended its duration through May 2025.
The previously announced share buyback program was valued at $1 billion through May 2024.
As of April 1st, Lumentum had used $615.5 million to buy back 7.4 million shares, it said.