Business
NETSCOUT Reports Second Quarter Fiscal Year 2023 Financial Results
Delivers Strong Financial Performance and Advances Strategic Growth Priorities WESTFORD, Mass.--(BUSINESS WIRE)-- NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a
About this update from Netscout Systems, Inc.
[{"type":"text","content":"\nDelivers Strong Financial Performance and Advances Strategic Growth Priorities\n\n WESTFORD, Mass.--(BUSINESS WIRE)--\nNETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of cybersecurity, service assurance, and business analytics solutions, today announced financial results for its second quarter ended September 30, 2022.\n\n“We delivered strong financial results and drove progress across our strategic growth priorities in the second quarter,” stated Anil Singhal, NETSCOUT’s president and chief executive officer. “Our service assurance and cybersecurity product lines have continued to perform well, delivering healthy revenue growth in the second quarter and first half of fiscal year 2023 on a year-over-year basis. Looking ahead, we plan to continue managing our operations prudently for a balanced approach to revenue growth and profitability. We believe our business prospects remain solid, despite the challenging macroeconomic environment, which we continue to monitor closely.”\n\nSinghal continued, “Organizations around the globe are facing an increasingly complex digital environment. As a result, our purpose as ‘Guardians of the Connected World’ is more important than ever. By providing a state-of-the-art platform for increased visibility and defensibility, we play a vital role in this ecosystem and remain confident in our ability to help our customers navigate these challenges.”\n\nQ2 FY23 Financial Results\n\nTotal revenue (GAAP and non-GAAP) for the second quarter of fiscal year 2023 was $228.1 million, compared with $211.9 million (GAAP and non-GAAP) in the second quarter of fiscal year 2022. A reconciliation of GAAP and non-GAAP results is included in the financial tables below.\n\nProduct revenue (GAAP and non-GAAP) for the second quarter of fiscal year 2023 was $111.8 million, which was approximately 49% of total revenue in the period. This compares with product revenue (GAAP and non-GAAP) of $101.6 million in the second quarter of fiscal year 2022, which was approximately 48% of total revenue in the period.\n\n\nService revenue (GAAP and non-GAAP) for the second quarter of fiscal year 2023 was $116.3 million, or approximately 51% of total revenue in the period. This compares with service revenue (GAAP and non-GAAP) of $110.3 million in the second quarter of fiscal year 2022, which was approximately 52% of total...