Keysight Technologies, a leading technology company, announced its financial results for the fourth fiscal quarter ending October 31, 2023.
Keysight has generated revenue of $1.31 billion, compared with $1.44 billion from the previous year, reflecting the evolving landscape in specific industry segments.
The company’s net income for the same period was $226 million, amounting to $1.28 per share. This figure is a decline from the fourth quarter of 2022, which recorded $299 million in net income, equating to $1.66 per share.
Satish Dhanasekaran, President, and CEO of Keysight Technologies, acknowledged the challenging macro environment while emphasizing the company’s resilient performance. Dhanasekaran highlighted their strategic customer engagements and the ability to seize opportunities across diverse end markets, positioning the company favorably for future growth amidst an anticipated recovery.
For fiscal year 2023, Keysight reported revenue of $5.46 billion, slightly up from $5.42 billion in the previous fiscal year. However, net income for the fiscal year 2023 was $1.06 billion, equating to $5.91 per share, down from $1.12 billion or $6.18 per share in fiscal 2022.
The company’s segments depicted varied performance indicators:
Communications Solutions Group (CSG) reported a fourth-quarter revenue of $891 million, down by 10 percent. This decline primarily resulted from a 17 percent decrease in commercial communications. However, aerospace, defense, and government segments surged by 4 percent, attributed to investments in defense technology modernization, electromagnetic spectrum operations, radar, and space and satellite initiatives.
Electronic Industrial Solutions Group (EISG) showcased a fourth-quarter revenue of $420 million, reflecting a 7 percent decrease from the previous year. This dip was attributed to reduced semiconductor and manufacturing-related customer spending. However, stable investments in new mobility automotive, advanced research, and digital health segments were observed.
Looking ahead, Keysight Technologies offered an outlook for the first fiscal quarter of 2024, projecting revenue within the range of $1.235 billion to $1.255 billion. Non-GAAP earnings per share for this period are anticipated to fall between $1.53 to $1.59, highlighting the company’s strategic foresight and expectations for continued performance in the coming fiscal quarters amidst sectoral shifts and evolving market dynamics.