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Lumentum cuts guidance following Huawei ban
The manufacturer says that it has discontinued all shipments to Huawei following the inclusion of the Chinese company and its affiliates to the entity list by the U.S. Department of Commerce.
Lumentum says in a statement that it intends to fully comply with the recent U.S. Department of Commerce. The company says that all shipments to Huawei has been discontinued effective as of the date the licensing requirements went into effect and that the it cannot predict when it will be able to resume shipments. And with the stop in shipments to Huawei, Lumentum needs to update its financial guidance range for its fourth quarter 2019. The previous guidance did not contemplate this Department of Commerce order, the discontinuation of sales to Huawei, or the time required to repurpose manufacturing capacity to other customers. In the updated outlook for the fourth quarter of 2019 Lumentum expects net revenues of USD 375 million to USD 390 million, as oppose to the prior range of USD 405 million to USD 425 million. For the fiscal year ended June 30, 2018, sales to Huawei represented 11% of total revenue. For the fiscal third quarter of 2019, ended March 30, 2019, sales to Huawei represented approximately 18% of total revenue and for fiscal year 2019 year to date sales to Huawei represented approximately 15% of total revenue.
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