As a reminder, this impact is the non-cash revaluation of our U.S. dollar assets on our China balance sheet and will change if the U.S. dollar valuation recovers.Given that, the company’s expectations for the September 2020 quarter are: revenue in the range of $97 million to $105 million; GAAP gross margin in the range of 29% to 33%; non-GAAP gross margin in the range of 30% to 34%; GAAP diluted earnings per share in the range of a $0.03 loss to a $0.07 profit, and non-GAAP diluted earnings per share in the range of a $0.03 to $0.13 profit. I’m not sure. So, the trade tensions are putting Huawei in a somewhat unique position, and they have built up a strategic inventory and we do expect that they will continue to be purchasing products that are based on their market demand and run rate.
Just some color around that would be very helpful. So to the extent that there are share shifts to other Chinese network equipment providers, we would be in those supply chains too. And those are decidedly, cloud-focused customers and applications.Okay. And then just relative to your comments on Huawei, and then finally achieving the inventory level. Is it fair to think about the sales guidance here, which is kind of down, I think down slightly in the – at the midpoint here essentially flat, but pretty close as it is safe to think about it Huawei being down in the rest of your revenues kind of flat to up, or should we think about that differently?No, I think that’s a – that’s the right way to think about it is. Similarly, as we stated in our press release dated May 26, based on our review of the products we ship, our revenue was not materially impacted by the addition of FiberHome and their affiliates to the entities list.
However, it is also notable given Huawei’s unique situation in the international marketplace and with the entities list, and the limitations on their chip availability, there is expectation for some loss of market share that has two effects. We continue to put the highest priority on the health and safety of our employees, our supply partners and their families.Revenue in the second quarter was $103 million, growing 26% year-over-year compared to 23% growth in the first quarter. 54. Cash from operations was $10 million and we paid down $4 million of debt, while increasing our inventory as planned, to buffer continued supply chain volatility. Maybe, a question on the third quarter asking a slightly different way than one than prior ones here. So, yes. Inventory is the elephant in the room, isn’t it? The result of those ramps is, we are seeing increasing quarter-over-quarter revenue, but we’re also seeing strong backlog for subsequent quarters. Our product offerings do include capabilities for taking this to ZR – 400ZR, but also for 400ZR+.
But what we do expect is that the revenue specifically from Huawei will no longer reflect, build up a strategic inventory. Is that – would you expect the margin benefit from that shift in customer mix? And we’ll take our next question from Michael Genovese with MKM Partners.Hey, I’ve got first question.
Within this, product margins were 36.3%,up slightly from last quarter on increased volume. And then last one for me. We are excited about our growth prospects.This concludes our formal comments and now, I will ask the operator to open up the line for questions. I would now like to turn the call back to Mr. Tim Jenks for closing remarks.Thank you to everyone for dialing in. We remain committed to complying with all U.S. Can you just tell us more detail again, what’s going on with the gross margin? How are those customers vertically integrating and how do you see your business being impacted by that trend?
And so what we’re seeing is continued demand, continued strength in terms of volume. Live CCR RNS.
As our next group of customers ramp their respective systems for 400 gigabit and above applications, we believe the strength of deployments from these customers will offset potential revenue impact from Huawei’s inventory adjustments.We previously noted that carriers in China are using the Super C-Band spectral window to increase fiber network capacity, leveraging the NeoPhotonics C++ LASER product and 64 Gbaud component and module solutions. Due to the breadth of our design wins and customer base, NeoPhotonics is likely to be a beneficiary of these shifts. sure. And we will take our next question from Dave Kang with B. Riley FBR.Thank you. We have also delivered four quarters in a row of profitability. We got hit with a significantly higher tax burden in Q1 and Q2 than expected.So, I assume it’s something considerably less than the 1,500 that was posted in the June quarter.No.
Of those, the vast majority are not vertically integrated. Good afternoon. We have to keep in mind, Huawei was placed on the entities lists in the second quarter of 2019, FiberHome was placed on the entities list in the second quarter of 2020. So, that’s how we look at the whole equation.Thank you.
So, we have customers that are doing some very interesting SIFO-based transceivers that use our fixed wavelength lasers. Stay safe. So, it’s – the functions of pricing has stabilized more than normal declines, and then you’re still seeing port growth, hence revenue growth out of China, excluding inventory bills?Well, yes. They are continuing to ship ports, as long as they are able to be supported by their respective supply chain. Thanks.Okay. How do you guys expect that to impact your margin? Thank you.I think we’ll see ups and downs need to see the exact numbers on what those are. And honestly, Alex, they’re still stable. And when – within the error range is it 10%, or is it 15%, I’m not sure were that accurate.Okay. It is important to note that for NeoPhotonics, the 400ZR and 400ZR+ module market expands our overall TAM as it adds higher ASP module solutions to our existing market leading position in highest speed over distance components.Additionally, each of these new high speed systems, including 400ZR and 400ZR+ applications, operate over DWDM line systems, including open line systems, that require specific high performance multiplexing products having unique channel spacings and filter shapes, and channel monitors, which we also provide.Rapidly growing global bandwidth needs continues to be the fundamental driver of our business, whether it be for cloud services, capacity increases due to remote working, high-speed deployments to the edge, or 5G wireless rollouts.
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