10 Companies Echo Friday’s Market Pessimism

8. Lumentum Holdings Inc. (NASDAQ:LITE)

Lumentum Holdings declined by 7.31 percent on Friday to end at $85.90 apiece as investors resorted to profit-taking following the company’s surge in the prior trading fueled by an impressive earnings performance for the second quarter of fiscal year 2025.

During the period, LITE said it was able to exceed its high-end guidance for both revenue and earnings per share driven by a strong demand in the cloud end market.

In the last quarter alone, net revenues increased by 9.65 percent to $402.2 million from the $366.8 million registered in the same period a year earlier, pushing net revenues for the first six months higher by 8 percent at $739.1 million from $684.4 million.

Given stronger revenues, LITE was able to narrow its net loss for the quarter by 38.5 percent to $60.9 million from $99.1 million.

Net loss for the first six months was also trimmed by 14.19 percent to $143.3 million from $167 million.

“With our strong market position and improving industry trends, we remain confident in achieving our previously stated goal of reaching $500 million in quarterly revenue by the end of calendar year 2025,” said LITE President and CEO Alan Lowe.