Lumentum increases share repurchase authorization to $1.2B from $1B

Lumentum’s board of directors recently approved an increase in its share repurchase program authorization to an aggregate amount of $1.2 billion and extended its duration through May 2025. Lumentum’s previously announced authorization was $1 billion through May 2024. As of April 1, 2023, Lumentum had used $615.5 million to repurchase 7.4 million shares. Lumentum expects to fund the repurchases under the extended share repurchase program out of its existing cash balance.