Coherent Earnings Analysis: Second Confirmation of High Certainty in Optics, but Why Did the Market Dive?

Earnings and guidance beat expectations across the board, yet the stock initially plunged 8% in after-hours trading. This "textbook earnings report" exposes the core contradiction in the AI optical module trade: when a stock up 205% in one year with a forward P/E of 39x delivers a report card that is "good enough but not spectacular," the market is pricing in not fundamentals, but expectations themselves.