“光模块巨头”Coherent二季报强劲，但指引略逊，股价盘后重挫

Core Insights - Coherent's Q4 revenue reached a record high of $1.53 billion, a 16% year-over-year increase, with adjusted EPS of $1.00, surpassing Wall Street's expectation of $0.92 [1] - The company's network business saw a significant 39% year-over-year growth, driven by strong demand from AI data centers, generating $945 million in revenue [3][4] - Despite strong performance in the network segment, Coherent's revenue guidance for the next quarter fell short of analyst expectations, leading to a 19% drop in stock price post-earnings [1] Revenue Performance - Coherent's Q4 revenue was $1.53 billion, marking a 16% increase compared to the previous year [1] - The network business revenue reached $945 million, reflecting a 39% increase year-over-year, exceeding the expected $940 million [3] - Other business segments, including materials and lasers, experienced an 8% decline, offsetting the gains from the network business [3] Future Growth Drivers - The growth in the network business is expected to continue, driven by demand for 800Gb/s optical modules, 1.6Tb optical modules, optical circuit switches, and robust growth in data center interconnectivity [4] - Potential collaboration with Nvidia could open new long-term growth opportunities for Coherent, as Nvidia's new optical network switches aim to reduce energy costs in large data centers [5] - Nvidia's new switches are reported to be 3.5 times more energy-efficient than traditional optical switches, which may significantly impact future data center expenditures [5]