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Keysight Reports First Quarter 2019 Results

  • Keysight Technologies reported financial results for the first fiscal quarter of 2019 ended Jan. 31, 2019.
  • Its GAAP revenue grew 20 percent to reach $1,006 million.
  • Keysight’s second fiscal quarter of 2019 GAAP revenue is expected to be in the range of $1,057 million to $1,077 million.

(*) GAAP : Generally Accepted Accounting Principles.
GAAP revenue grew 20 percent to reach $1,006 million, when compared with $837 million last year. Non-GAAP revenue, which excludes the impact of fair value adjustments to acquisition-related deferred revenue balances, grew 18 percent to reach $1,009 million. Non-GAAP core revenue, which also excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months, increased 20 percent.

GAAP net income was $114 million, compared with GAAP net income of $94 million in the first quarter of 2018. Non-GAAP net income was $176 million compared with $97 million in the first quarter of 2018.

As recently announced by Keysight, an organizational change has been made to align its service activities with its customers and end markets. Services revenues, which were previously included in the Services Solutions Group (SSG) segment, are distorted and presented in the segment in which the services are provided. Keysight therefore presents its results in three distinct sectors: Communications Solutions Group (CSG), Electronic Industrial Solutions Group (EISG) and Ixia Solutions Group (ISG).

  • Communications Solutions Group (CSG)
    CSG reported revenue of $623 million in the first quarter, up 25 percent, driven by demand for 5G R&D across the wireless ecosystem, data center related next-generation 400GbE digital test and aerospace, defense and government.
  • Electronic Industrial Solutions Group (EISG)
    EISG revenue grew 13 percent in the first quarter to $257 million, driven by strength in automotive and emerging IoT applications, while the semiconductor market moderated as expected.
  • Ixia Solutions Group (ISG)
    ISG revenue was $129 million in the first quarter, compared with $127 million in the prior year first quarter, driven by network visibility solutions, while test revenue remained inline with last year.