Published on 3 Feb 2023 on Zacks via Yahoo Finance

Viavi (VIAV) Revenues Decline Y/Y, Q2 Earnings Beat Estimates

Viavi Solutions Inc. VIAV reported relatively strong second-quarter fiscal 2023 results, with the bottom and the top line beating the respective Zacks Consensus Estimate. However, it reported year-over-year lower revenues owing to demand softness driven by weak end-market conditions and a challenging macroeconomic environment.

Net Income

On a GAAP basis, net income in the quarter was $8.4 million or 4 cents per share compared to $34.6 million or 14 cents per share in the year-ago quarter. Top-line contraction on a year-over-year basis and higher income taxes induced the decline in earnings.Non-GAAP net income was $31.5 million or 14 cents per share compared with $59.3 million or 24 cents per share in the prior-year quarter. The bottom line surpassed the Zacks Consensus Estimate by 3 cents.