• GAAP Revenue of $473.5 million; Non-GAAP Revenue of $477.2 million
• GAAP Gross margin of 45.2%; Non-GAAP Gross margin of 48.8%
• GAAP EPS of $0.10; Non-GAAP EPS of $0.29

Milpitas, California, February 3, 2011 – JDSU (NASDAQ: JDSU; and TSX: JDU) today reported results for its second fiscal quarter ended January 1, 2011.

On a GAAP basis, net revenue for the second fiscal quarter of 2011 was $473.5 million and net income was $23.6 million, or $0.10 per share.  This compares to net revenue of $405.2 million and net income of $0.1 million, or break-even earnings per share for the prior quarter, and net revenue of $342.9 million and net loss of $(19.5) million, or $(0.09) per share for the second fiscal quarter of 2010.

On a non-GAAP basis, net revenue for the second fiscal quarter of 2011 was $477.2 million and net income was $67.0 million or $0.29 per share.  This compares to non-GAAP net revenue of $411.3 million and net income of $44.8 million, or $0.20 per share for the prior quarter, and non-GAAP net revenue of $343.8 million and net income of $26.6 million or $0.12 per share for the second fiscal quarter of 2010.

“In fiscal Q2 JDSU reported record revenues, gross margin and operating margin, which exceeded our operating model target,” said Tom Waechter, JDSU’s President and Chief Executive Officer. “This is an exciting time for JDSU.  Our market drivers are strong, our innovation engine and pipeline for new products is robust, and we continue to increase our operating leverage.”

Financial Overview – Second Fiscal Quarter Ended January 1, 2011
All numbers in this section are non-GAAP unless stated otherwise.

• Net revenue of $477.2 million increased 16.0% compared to the prior quarter and increased 38.8% compared to the second quarter of fiscal 2010.
• Gross margin was 48.8% compared to 47.4% in the prior quarter and 44.6% in the second quarter of fiscal 2010.
• Operating margin was 15.3% compared to 10.8% in the prior quarter and 8.2% in the second quarter of fiscal 2010.
• Communications Test and Measurement revenue of $231.4 million increased by 26.6% compared to the prior quarter and increased 30.8% compared to the second quarter of fiscal 2010. Revenue from this segment represented 48.5% of total net revenue.
• Communications and Commercial Optical Products revenue of $191.1 million increased 13.8% compared to the prior quarter and increased 70.2% compared to the second quarter of fiscal 2010.  Revenue from this segment represented 40.0% of total net revenue.
   - Optical Communications revenue of $168.4 million increased 17.8% compared to the prior quarter and increased 76.2% compared to the second quarter of fiscal 2010. 
  ­ - Commercial Lasers revenue of $22.7 million decreased 9.2% compared to the prior quarter and increased 35.9% compared to the second quarter of fiscal 2010.
• Advanced Optical Technologies revenue of $54.7 million decreased 9.6% compared to the prior quarter and remained flat compared to the second quarter of fiscal 2010.  Revenue from this segment represented 11.5% of total net revenue.
• Americas’ customers represented 51% of total net revenue for the quarter. EMEA and Asia-Pacific customers represented 26% and 23%, respectively, of total net revenue.
• The Company held $ 655.3 million in total cash and generated $60.7 million of cash from operations for the quarter ended January 1, 2011.

Conference Call
The Company will discuss these results and other related matters at 2:00 p.m. Pacific Time on February 3, 2011 in a live webcast, which will also be archived for replay on the Company's website at www.jdsu.com/investors.  The Company will post and distribute slides outlining the Company's latest financial results concurrent with this earnings press release. These slides will now be available prior to management's presentation in order to provide the investment community with additional time for review and analysis. These slides are supplementary and will not be discussed during the earnings call. They will be posted on www.jdsu.com/investors under the "Financial Information" section. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About JDSU
JDSU (NASDAQ: JDSU; and TSX: JDU) enables broadband and optical innovation in the communications, commercial and consumer markets. JDSU is a leading provider of communications test and measurement solutions and optical products for telecommunications service providers, cable operators, and network equipment manufacturers.  JDSU is also a leading provider of innovative optical solutions for medical/environmental instrumentation, semiconductor processing, display, brand authentication, aerospace and defense, and decorative applications.  More information is available at www.jdsu.com.

Forward-Looking Statements
This press release contains, and the discussions in our subsequent conference call will contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include: (i) any anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, EBITDA, cash flow and other financial metrics; and (ii) the Company's beliefs regarding the purpose, usefulness and efficacy of non-GAAP results and the measures and items the Company includes in the same, as well as any benefits to investors the Company believes its non-GAAP measures provide.  These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected.  In particular, the Company's ability to predict future financial performance continues to be difficult due to, among other things:  (a) continuing general limited visibility across many of our product lines exacerbated by the current credit and financial market uncertainty, as well as the migration to vendor managed inventory programs; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin range across our portfolio; (c) consolidation of our customer base, which, in the shorter term limits demand visibility, and, in the longer term, could reduce our business potential; (d) average selling prices continue to decline across our businesses; (e) our Communications Test and Measurement business is notable for seasonality and a significant level of in-quarter book-and-ship business, further limiting our forecasting abilities; (f) we are currently engaged in various product and manufacturing transfers, site consolidations and product discontinuances, which has caused and may cause short term disruptions; and (g) the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand.

For more information on these and other risks affecting the Company's business, please refer to the “Risk Factors” section included in the Company's Annual Report on Form 10-K for the fiscal year ended July 3, 2010 filed with the Securities and Exchange Commission. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.

Contact Information
Investors:  Michelle Levine Schwartz, 408-546-4421 or michelle.levine@jdsu.com

Press:  Jim Monroe, 240-404-1922, or jim.monroe@jdsu.com

The following financial tables are presented in accordance with GAAP, unless otherwise specified.