Lumentum, a designer and manufacturer of innovative optical and photonic products, has announced its First Fiscal Quarter 2020 results that ended September 28, 2019. Net revenue for the fiscal quarter was $449.9 million, with GAAP net income of $47.6 million, or $0.61 per diluted share. Net revenue for the fiscal fourth quarter of 2019 was $404.6 million, with GAAP net loss to stockholders of $(25.8) million, or $(0.34) per diluted share. Net revenue for the fiscal first quarter of 2019 was $354.1 million, with GAAP net income attributable to common stockholders of $46.1 million, or $0.72 per diluted share.
Non-GAAP net income for the fiscal first quarter of 2020 was $111.4 million, or $1.44 per diluted share. Non-GAAP net income for the fiscal fourth quarter of 2019 was $70.4 million, or $0.91 per diluted share. Non-GAAP net income for the fiscal first quarter of 2019 was $86.1 million, or $1.32 per diluted share. The company held $830.9 million in total cash and short-term investments at the end of the fiscal first quarter of 2020. Subsequent to the first quarter, on October 30, 2019, the company made a $150 million voluntary principle pre-payment under its term loan facility.
According to Alan Lowe, Lumentum President and CEO, the strong first quarter performance highlights the company's continued progress toward its long-term strategic and financial goals, with a revenue mix richer in newer and more innovative products, increased scale, and acquisition synergies all driving sequential and year on year improvements in gross and operating margins. In particular, improvements in telecom and datacom margins helped first quarter non-GAAP gross margin expand significantly year on year to more than 45% for the first time. As Lumentum looks towards second quarter, it is seeing strengthening demand for key differentiated products in telecom, datacom, and commercial lasers.