Business
VIAVI ANNOUNCES FIRST QUARTER FISCAL 2024 RESULTS
First Quarter Net revenue of $247.9 million, down $62.3 million or 20.1% year-over-yearGAAP operating margin of 6.5%, down 960 bps year-over-yearNon-GAAP
About this update from Viavi Solutions Inc.
[{"type":"text","content":"First Quarter\nNet revenue of $247.9 million, down $62.3 million or 20.1% year-over-yearGAAP operating margin of 6.5%, down 960 bps year-over-yearNon-GAAP operating margin of 12.4%, down 930 bps year-over-year, slightly below the low-end of our guidance rangeGAAP diluted Earnings per share (EPS) of $0.04, down $0.10 or 71.4% year-over-yearNon-GAAP diluted EPS of $0.09, down $0.14 or 60.9% year-over-yearCHANDLER, Ariz., Nov. 2, 2023 /PRNewswire/ -- VIAVI (NASDAQ: VIAV) today reported results for its first fiscal quarter ended September 30, 2023.\n\n \n \n \n \n \n \n\n \nFirst quarter of fiscal 2024 net revenue was $247.9 million. GAAP net income was $9.8 million, or $0.04 per share. Non-GAAP net income was $19.5 million, or $0.09 per share.\nFourth quarter of fiscal 2023 net revenue was $263.6 million. GAAP net loss was $(0.1) million, or $— per share. Non-GAAP net income was $22.7 million, or $0.10 per share.\nFirst quarter of fiscal 2023 net revenue was $310.2 million. GAAP net income was $32.6 million, or $0.14 per share. Non-GAAP net income was $52.5 million, or $0.23 per share.\n\"VIAVI end markets spend environment continued to be challenging during the September quarter, particularly with the service providers in North America. In view of these continued headwinds, our revenue came in slightly below the mid-point of our guidance with stronger OSP demand helping to offset weaker telecom revenues. Our EPS came in at the low end of our guidance range, driven by lower volume and higher taxes due to less favorable geographic revenue mix,\" said Oleg Khaykin, VIAVI's President and Chief Executive Officer.\nFinancial Overview:\nThe tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled \"Use of Non-GAAP (Adjusted) Financial Measures.\"\n First Quarter Ended September 30, 2023\nGAAP Results\nQ1\nQ4\nQ1\nChange\nFY 2024\nFY 2023\nFY 2023\nQ/Q\nY/Y\nNet revenue\n$ 247.9\n$ 263.6\n$ 310.2\n(6.0) %\n(20.1) %\nGross margin\n58.2 %\n55.4 %\n59.6 %\n280 bps\n(140) bps\nOperating margin\n6.5 %\n4.5 %\n16.1 %\n200 bps\n(960) bps\nIncome from operations\n16.0\n11.8\n49.8\n35.6 ...