Viavi posted net revenue of $247.9 million for its first fiscal quarter ended September 30, 2023, down $62.3 million or 20.1% year-over-year.
Non-GAAP operating margin was 12.4%, down 930 bps year-over-year, slightly below the low-end of the company’s guidance range.
Non-GAAP diluted EPS was $0.09, down $0.14 or 60.9% year-over-year.
“VIAVI end markets spend environment continued to be challenging during the September quarter, particularly with the service providers in North America. In view of these continued headwinds, our revenue came in slightly below the mid-point of our guidance with stronger OSP demand helping to offset weaker telecom revenues. Our EPS came in at the low end of our guidance range, driven by lower volume and higher taxes due to less favorable geographic revenue mix,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.