Business
VIAVI ANNOUNCES THIRD QUARTER FISCAL 2023 RESULTS
Third Quarter Net revenue of $247.8 million, down $67.7 million or 21.5% year-over-yearGAAP operating margin of (0.8)%, down 1,370 bps year-over-yearNon-GAAP
About this update from Viavi Solutions Inc.
[{"type":"text","content":"Third Quarter\nNet revenue of $247.8 million, down $67.7 million or 21.5% year-over-yearGAAP operating margin of (0.8)%, down 1,370 bps year-over-yearNon-GAAP operating margin of 11.4%, down 1,010 bps year-over-yearGAAP EPS of $(0.07), down $0.15 or 187.5% year-over-yearNon-GAAP EPS of $0.08, down $0.14 or 63.6% year-over-yearCHANDLER, Ariz., May 2, 2023 /PRNewswire/ -- VIAVI (NASDAQ: VIAV) today reported results for its third fiscal quarter ended April 1, 2023.\n\n \n \n \n \n \n \n\n \nThird quarter of fiscal 2023 net revenue was $247.8 million. GAAP net loss was $(15.4) million, or $(0.07) per share. Non-GAAP net income was $18.0 million, or $0.08 per share.\nSecond quarter of fiscal 2023 net revenue was $284.5 million. GAAP net income was $8.4 million or $0.04 per share. Non-GAAP net income was $31.5 million, or $0.14 per share.\nThird quarter of fiscal 2022 net revenue was $315.5 million. GAAP net income was $19.2 million, or $0.08 per share. Non-GAAP net income was $52.0 million, or $0.22 per share.\n\"Fiscal Q3 2023 revenue and non-GAAP operating margin came in within our revised guidance range. As we mentioned in early April, lower than expected NEMs and semiconductor R&D spend during the March quarter adversely impacted our initial NSE revenue expectations,\" said Oleg Khaykin, VIAVI's President and Chief Executive Officer. \nKhaykin added, \"On a positive side, we saw the beginning of stabilization of demand for our field instruments during the March quarter. In the current quarter, we are seeing the signs of recovery in our Field Instruments and stabilization in the Lab & Production business. We expect the stabilization and recovery momentum to continue into the second half of calendar 2023.\"\nFinancial Overview:\nThe tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled \"Use of Non-GAAP (Adjusted) Financial Measures.\"\n Third Quarter Ended April 1, 2023\nGAAP Results\nQ3\nQ2\nQ3\nChange\nFY 2023\nFY 2023\nFY 2022\nQ/Q\nY/Y\nNet revenue\n$ 247.8\n$ 284.5\n$ 315.5\n(12.9) %\n(21.5) %\nGross margin\n56.9 %\n58.7 %\n59.2 %\n(180) bps\n(230) bps\nOperating...