shares of lumentum holdings inc lite shot up 59 in premarket trading wednesday after the optical and photonic products company reported fiscal thirdquarter results that beat expectations citing accelerating demand and provided an upbeat currentquarter outlook net income for the quarter to april 2 dropped to 260 million or 35 cents a share from 2255 million or 285 a share in the yearago period excluding nonrecurring items adjusted earnings per share of 119 beat the factset consensus of 112 revenue fell 57 to 3954 million but was above the factset consensus of 3902 million gross margin declined to 423 from 441 as cost of sales fell 28 or less than sales to 2126 million for the fourth quarter the company expects adjusted eps of 125 to 140 above the factset consensus of 122 and revenue of 405 million to 430 million compared with expectations of 406 million the stock has tumbled 223 year to date through tuesday while the sp 500 spx has slumped 124