盘后暴跌19.46%！“光模块巨头”Coherent二季报强劲，但指引略逊，股价盘后重挫

Core Viewpoint - Coherent reported a strong quarterly revenue growth driven by its network business, but the revenue guidance for the next quarter fell short of analyst expectations, leading to investor concerns [2][3][4]. Group 1: Financial Performance - Coherent's Q4 revenue increased by 16% year-over-year to $1.53 billion, setting a record high [2]. - Adjusted earnings per share reached $1.00, exceeding Wall Street's expectation of $0.92 [2]. - The network business revenue surged by 39% year-over-year to $945 million, benefiting from the AI data center investment boom [3][7]. Group 2: Business Segments - The network business was the primary growth driver, with strong demand for high-bandwidth optical network equipment, particularly for 100/400/800Gb/s optical modules [7]. - Other segments, including materials and laser businesses, experienced an 8% decline year-over-year, offsetting the network business's strong performance [8]. Group 3: Future Outlook - Coherent anticipates continued growth in data center and communication businesses, driven by demand for 800Gb/s optical modules, 1.6Tb optical modules, optical circuit switches, and data center interconnects [9]. - Potential collaboration with Nvidia could open new long-term growth opportunities, as Coherent may supply new optical network switches for AI applications [10]. Group 4: Industry Context - The shift to optical networks over traditional copper lines presents advantages, particularly in energy efficiency, which is crucial for large AI data centers [11]. - Nvidia's new switch, announced in March, is expected to be 3.5 times more energy-efficient than traditional optical switches, indicating a significant market opportunity for Coherent [11][12].