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Sentiment · FY2026 Q3
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“So Apple was talking about investment in the U.S., and there was a press release specifically out with one of your competitors with their lasers out of a U.S. manufacturing site.”
Analyst notes Apple's US manufacturing investment featured a Lumentum competitor's lasers; Lumentum supplies 3D-sensing/VCSELs into Apple Face ID and says it is gaining share on the current cycle.
“Before discussing the second quarter details, I want to address the recent news related to DeepSeek. Discussions with cloud customers reinforce that advancements in software efficiency are key to the long-term viability of the AI business model, just as efficiency gains in optical data transmission are essential for enabling AI in data centers. These reports on improved efficiencies highlight a positive trend that strengthens the AI market for both our customers and our business.”
Lumentum frames DeepSeek's software-efficiency breakthrough as reinforcing (not threatening) demand for optical components, arguing efficiency gains broaden rather than shrink the AI infrastructure market.
Revenue reached a record $665.5 million with over 65% year-over-year growth, surpassing the $750 million OFC target ahead of schedule with Q3 guided at $780-$830 million. Non-GAAP EPS of $1.67 and gross margin of 42.5% both far exceeded expectations, with margins expanding 820 basis points year-over-year. OCS backlog surged past $400 million and an additional multi-hundred-million-dollar CPO order was secured.
Cloud & AI | Competitive Dynamics | Revenue Growth | Supply Chain | Innovation & R&D | Demand | Margin | Product Launch | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 13 | 6 | 3 | 5 | 7 | 8 | 4 | 7 |
| 2025Q2 | 10 | 6 | 5 | 5 | 3 | 6 | 2 | 4 |
| 2025Q3 | 13 | 4 | 4 | 6 | 5 | 4 | 4 | 1 |
| 2025Q4 | 11 | 7 | 7 | 4 | 3 | 2 | 4 | 4 |
| 2026Q1 | 11 | 5 | 6 | 5 | 4 | 3 | 4 | 3 |
| 2026Q2 | 10 | 4 | 5 | 4 | 3 | 2 | 2 | 4 |
| 2026Q3 | 1 | 3 | 5 | 6 | 4 | 3 | 5 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 13 | 10 | 13 | 11 | 11 | 10 | 1 |
| Competitive Dynamics | 6 | 6 | 4 | 7 | 5 | 4 | 3 |
| Revenue Growth | 3 | 5 | 4 | 7 | 6 | 5 | 5 |
| Supply Chain | 5 | 5 | 6 | 4 | 5 | 4 | 6 |
| Innovation & R&D | 7 | 3 | 5 | 3 | 4 | 3 | 4 |
| Demand | 8 | 6 | 4 | 2 | 3 | 2 | 3 |
| Margin | 4 | 2 | 4 | 4 | 4 | 2 | 5 |
| Product Launch | 7 | 4 | 1 | 4 | 3 | 4 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ryan Koontz | Needham | 13 (0%) |
| Samik Chatterjee | JPMorgan | 12 (0%) |
| Simon Leopold | Raymond James | 11 (9%) |
| Meta Marshall | Morgan Stanley | 9 (0%) |
| Karl Ackerman | BNP Paribas | 7 (14%) |
| Chris Rolland | Susquehanna | 7 (57%) |
| Ananda Baruah | Loop Capital | 6 (0%) |
| Tom O'Malley | Barclays | 6 (0%) |
| George Notter | Wolfe Research | 6 (0%) |
| Mike Genovese | Rosenblatt Securities | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 14 (0%) |
| Needham | 1 | 13 (0%) |
| Morgan Stanley | 2 | 11 (0%) |
| Raymond James | 1 |
| 11 (9%) |
| Susquehanna | 2 | 9 (44%) |
| BNP Paribas | 1 | 7 (14%) |
| Loop Capital | 2 | 7 (0%) |
| Barclays | 1 | 6 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LITE Lumentum Holdings Inc. | 9 | +90.1% | |
| CIEN Ciena Corporation | 10 | +39.5% | |
| CSCO Cisco Systems, Inc. | 9 | +12.0% | |
| HPE Hewlett Packard Enterprise | 9 | +40.7% | |
| MSI Motorola Solutions | 7 | +7.4% | |
| SATS EchoStar Corporation | 4 | -5.2% | |
| ZBRA Zebra Technologies | 8 | +14.3% |