Citing lower than expected NEMs and semiconductor R&D spending, VIAVI reported quarterly net revenue was $247.8 million, down $67.7 million or 21.5% year-over-year. 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.
"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.
Khaykin 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."
- Americas, Asia-Pacific and EMEA customers represented 40.5%, 30.5% and 29.0%, respectively, of total net revenue for the quarter ended April 1, 2023.
- As of April 1, 2023, the company held $586.6 million in total cash, short-term restricted cash and short-term investments.
https://investor.viavisolutions.com/overview/default.aspx
From 17-April-2023: "The pullback in R&D spend at network equipment manufacturers (NEMs) and semiconductor companies was much higher than anticipated leading to revenue and non-GAAP operating margin coming in below the lower end of our guidance" said Oleg Khaykin, VIAVI's President and Chief Executive Officer. "The spending conservatism and rapid slowdown that we saw in the Service Provider and Data Center spend at the end of fiscal first quarter is now percolating down to the system and component suppliers."
