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NETSCOUT Reports First Quarter Fiscal Year 2024 Financial Results
Delivered Solid Q1 Financial Performance Released Next-Generation Technologies to Support 2H FY2024 Revenue Ramp WESTFORD, Mass.--(BUSINESS WIRE)-- NETSCOUT
About this update from Netscout Systems, Inc.
[{"type":"text","content":"\nDelivered Solid Q1 Financial Performance\n\n\nReleased Next-Generation Technologies to Support 2H FY2024 Revenue Ramp\n\n\n WESTFORD, Mass.--(BUSINESS WIRE)--\nNETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of enterprise performance management, carrier service assurance, cybersecurity, and DDoS protection, today announced financial results for its first quarter ended June 30, 2023.\n\n\nRemarks by Anil Singhal, NETSCOUT’s President and Chief Executive Officer:\n\n\n“We delivered a solid financial performance in the first quarter of our fiscal year with total revenue in-line with our expectations and double-digit percentage improvement in diluted earnings per share year over year. At the same time, we released several new product offerings, including our ‘Visibility Without Borders’ platform, our next-generation Omnis Cyber Intelligence solution, Adaptive DDoS, and Mobile Security, all of which we expect to begin contributing to revenue in the second half of the current fiscal year. Looking ahead, we are reiterating our fiscal year 2024 outlook and remain focused on delivering long-term stakeholder value.”\n\n\nQ1 FY24 Financial Results\n\n\nTotal revenue (GAAP and non-GAAP) for the first quarter of fiscal year 2024 was $211.1 million, compared with $208.8 million (GAAP and non-GAAP) in the first quarter of fiscal year 2023. A reconciliation of all GAAP and non-GAAP results are included in the financial tables below.\n\n\nProduct revenue (GAAP and non-GAAP) for the first quarter of fiscal year 2024 was $94.7 million, or approximately 45% of total revenue in the period. This compares with product revenue (GAAP and non-GAAP) of $98.3 million in the first quarter of fiscal year 2023, which was approximately 47% of total revenue in the period. As of June 30, 2023, NETSCOUT had a product backlog consisting of fulfillable orders of approximately $12 million, which excludes radio frequency propagation modeling orders of approximately $4 million. This compares with approximately $39 million of fulfillable orders and $45 million of radio frequency propagation modeling orders as of June 30, 2022.\n\n\n\n\nService revenue (GAAP and non-GAAP) for the first quarter of fiscal year 2024 was $116.5 million, or approximately 55% of total revenue in the period. This compares with service revenue (GAAP and non-GAAP) of $110.6 million i...