$LITE Earnings Warning Spooks Markets — Lights $AAPL Stock on Fire (bad kind of fire)

A key supplier to Apple just warned in a fairly big way and that caused AAPL to drop by 2% and Nasdaq futures by 20.

Lumentum lowers Q2 guidance “We recently received a request from one of our largest Industrial and Consumer customers for laser diodes for 3D sensing to materially reduce shipments to them during our fiscal second quarter for previously placed orders that were originally scheduled for delivery during the quarter.”

Lumentum lowers Q2 EPS to $1.15-1.34 vs $1.67 S&P Capital IQ Consensus Estimate; revs to $335-355 mln vs $420.47 mln S&P Capital IQ Consensus Estimate

LITE makes 3-D sensing lasers for Apple’s facial ID nonsense. Perhaps Apple is getting rid of that asshole feature, or maybe sales are languishing. Either way, LITE is going to get lit the fuck up when it un-halts itself.

Nasdaq futures are now -50.

Happy fucking Monday lads.