November 12, 2018 / 1:44 PM / a month ago

UPDATE 1-Apple supplier Lumentum slashes outlook as top customer cuts shipments

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Nov 12 (Reuters) - Laser sensor maker Lumentum Holdings Inc , which supplies parts for Apple Inc's latest iPhones, slashed its second-quarter forecast on Monday, saying a large unnamed customer had materially cut orders.

Shares in the California-based manufacturer fell 26 percent.

Lumentum is one of the primary suppliers of technology that powers iPhone X's Face ID feature and TrueDepth cameras, with Apple accounting for 30 percent of the company's revenue as of June 30. Huawei and Ciena are Lumentum's other two major customers, with each contributing 11 percent to its revenue.

Japan's Nikkei reported earlier this month that Apple Inc had told its smartphone assemblers Foxconn and Pegatron to halt plans for additional production lines dedicated to its new iPhone XR.

Lumentum did not say which customer had cut shipments.

The company now expects net revenue of $335 million to $355 million, compared with its prior range of $405 million to $430 million, and earnings per share of $1.15 to $1.34, down from $1.60 to $1.75.

Lumentum in March said it would buy optical components producer Oclaro Inc for about $1.7 billion, aimed at broadening its portfolio of laser offerings and getting an edge in a fast-developing market for 3D sensing technology. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva)

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