On June 23, Viavi Solutions fell 7.27% in regular trading, trading at $49.335/share, with turnover of $11.43 million. The communication equipment sector experienced broad-based selling pressure, with Lumentum down 8.2%, Applied Optoelectronics down 7.75%, Nokia down 7.42%, Arista Networks down 7.1%, and Cisco down 2.95%.

The decline was driven by sector-wide weakness compounded by profit-taking following a sharp rebound from June 9 lows. The company had previously announced an approximately $500 million common stock public offering to repay its $450 million Term Loan B tranche, which triggered a selloff to $45.56 on June 9. The stock subsequently recovered above $53 as the market digested dilution concerns, but accumulated gains attracted profit-taking as the broader sector turned lower again.

Notably, the company released an AI network verification solution for Ultra Ethernet fabric on the same day, though sector-wide selling pressure dominated price action and overwhelmed the positive product announcement.

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