Lumentum reports 37.9% drop in net revenue in second quarter of fiscal 2024

Lumentum's second quarter financial report for fiscal year 2024 showed net income of $366.8 million, a year-on-year decrease of 37.9%. Despite the decline in performance, Alan Lowe, president and CEO of the company, said that the company is strategically expanding its transceiver manufacturing capabilities and investing in state-of-the-art production lines at its manufacturing plant in Thailand.