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Keysight Technologies reports second quarter 2023 results

Keysight Technologies, Inc. reported financial results for the second fiscal quarter ended April 30, 2023.

“Keysight delivered a strong quarter with record second quarter revenue, record gross margin, record free cash flow, and above guidance earnings per share demonstrating the resilience of our increasingly diversified business,” said Satish Dhanasekaran, Keysight’s President and CEO. “While navigating near-term macro dynamics, we continue to capitalize on growth opportunities and customer investments across multiple markets.”

Second Quarter Financial Summary

  • Revenue grew 3 percent to reach $1.39 billion, compared with $1.35 billion last year, or 5 percent on a core basis, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months.
  • GAAP net income was $283 million, or $1.58 per share, compared with $258 million, or $1.41 per share, in the second quarter of 2022.
  • Non-GAAP net income was $380 million, or $2.12 per share, compared with $334 million, or $1.83 per share in the second quarter of 2022.
  • As of April 30, 2023, cash and cash equivalents totaled $2.50 billion.

Reporting Segments

  • Communications Solutions Group (CSG)

CSG reported revenue of $937 million in the second quarter, down 3 percent over last year, reflecting a 7 percent decline in commercial communications, while aerospace, defense, and government increased 7 percent driven by radar, spectrum operations, space and satellite, and research in 5G and 6G technologies.

  • Electronic Industrial Solutions Group (EISG)

EISG reported revenue of $453 million in the second quarter, up 17 percent over last year, driven by growth across general electronics, semiconductor solutions, and next-generation automotive and energy technologies.

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