04:17 AM EDT, 08/15/2024 (MT Newswires) -- (Updates with the latest stock move in the headline and the first paragraph.)

Lumentum ( LITE ) shares were trading up over 17% in premarket activity Thursday after the company reported overnight fiscal Q4 earnings growth slowed less than forecast as sales beat market expectations.

The company reported fiscal Q4 non-GAAP earnings late Wednesday of $0.06 per diluted share, down from $0.59 a year earlier.

Analysts polled by Capital IQ expected $0.02.

Net revenue for the quarter ended June 29 was $308.3 million, down from $370.8 million a year earlier.

Analysts surveyed by Capital IQ expected $301.4 million.

The company said it expects fiscal Q1 non-GAAP diluted EPS between $0.07 and $0.17 on net revenue between $315 million and $335 million.

Analysts polled by Capital IQ expect normalized EPS of $0.12 on revenue of $311.4 million.

Price: 53.50, Change: +7.97, Percent Change: +17.50