Lumentum reported revenue of $808 million, up 90% year over year, fueled by hyperscale demand for cloud transceivers and laser chips, with the components segment reaching $533 million (up 20% sequentially) amid sold-out capacity. Gross margin expanded 1,270 basis points to 47.9% and operating margin hit 32.2%, driven by a richer mix including 40% sequential growth in cloud transceivers and OCS ramps under a multibillion-dollar order. Management highlighted a widening supply imbalance exceeding 30% and reaffirmed its $2 billion quarterly revenue target, with Q4 guided at a $985 million midpoint, though the stock fell 14% on durability concerns as new indium phosphide capacity comes online.

Company: Lumentum Holdings Inc. (LITE) — Q3 FY2026

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