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Mergers & AcquisitionsMediumUpdated×6•Originally published 28 October 2026•Updated 29 October 2026•
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Lumentum and Marvell Shares Volatile as Optics Sector Reacts to Deal Talks

Key Facts

1Lumentum’s fourth-quarter revenue was $1,006.3 million, up 24.5% quarter over quarter and 109.3% year over year.
2Fiscal 2026 revenue rose to $3,014.0 million, up 83.2% from 2025.
3The company reported a GAAP loss of $7.2 billion, including a $7.8 billion non-cash debt extinguishment loss.
4Lumentum expects revenue of $1.225 billion to $1.275 billion in the first quarter of fiscal 2027.

Lumentum shares jumped 6% while Marvell shares sank 13% following reports that Marvell is in advanced talks to acquire the company. The volatility extended to the optical components sector, where Applied Optoelectronics dropped 3% and Coherent remained flat amid the deal speculation.

The price action follows Lumentum's fiscal fourth-quarter 2026 results, which showed revenue of $1,006.3 million, a 109.3% year-over-year increase. Lumentum closed at $913.95 on October 28, 2026, and Marvell closed at $251.65 on the same day, as markets weighed the potential combination of Lumentum's data-center optical capabilities with Marvell's portfolio.

Lumentum is scheduled to report its fiscal first-quarter 2027 results on November 5, 2026. Management has issued guidance for that period with a revenue range of $1.225 billion to $1.275 billion and a non-GAAP operating margin expected between 39.5% and 40.5%.

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