Keysight Technologies Q1 Fiscal Year 2023 Results
Q1'23 Highlights
Strong first quarter financial results
Record Q1 revenue of $1.38B grew 10% y/y, or 14% on a core* basis, and exceeded high end of guidance
Gross margin* of 65% and operating margin* of 30%; non-GAAP EPS of $2.02 grew 22% y/y and exceeded high end of guidance
Orders of $1.3B declined 13% y/y, or 10% on a core basis vs. 22% growth last year
Customers exercising caution in response to macroeconomic uncertainty
Keysight's diversified portfolio and variable cost structure well-positioned to weather current macro dynamics
Includes approximately 350bps y/y headwind from China trade restrictions and suspension of Russia business
CSG achieved record first quarter revenue
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• Commercial communications record first quarter revenue with strength across 5G R&D deployments, O-RAN, data center networking
with increased focus on 800G and terabit communications solutions
Aerospace, defense and government record first quarter revenue driven by double-digit growth in Americas
EISG achieved record first quarter revenue, and 10th consecutive quarter of double-digit revenue growth
Automotive/energy achieved all-time record revenue, with strong growth across all regions driven by EV/AV
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› General electronics achieved double-digit revenue growth driven by digital health, loT, advanced research
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• Semiconductor orders sustained by continued capacity investments
*Core growth excludes the impact of currency, acquisitions or divestitures closed in last twelve months. Reconciliations provided for non-GAAP financial measures.
✔KEYSIGHT
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