Keysight Technologies (NYSE:KEYS) shares soared following an earnings beat after the bell Tuesday. The tech company reported adjusted earnings per share of $2.12 for its fiscal second quarter, topping the $1.95 expected by analysts, per StreetAccount. It guided for between $2.00 and $2.06 EPS for the current quarter, above analysts’ forecast of $1.96.
Revenue grew 3% to reach $1.39 billion, compared with $1.35 billion last year, or 5% on a core basis, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months.
GAAP net income was $283 million, or $1.58 per share, compared with $258 million, or $1.41 per share, in the second quarter of 2022. Non-GAAP net income was $380 million, or $2.12 per share, compared with $334 million, or $1.83 per share in the second quarter of 2022.
As of April 30, 2023, cash and cash equivalents totaled $2.50 billion.
Communications Solutions Group reported revenue of $937 million in the second quarter, down 3% over last year, reflecting a 7% decline in commercial communications, while aerospace, defense, and government increased 7% driven by radar, spectrum operations, space and satellite, and research in 5G and 6G technologies.
Electronic Industrial Solutions Group reported revenue of $453 million in the second quarter, up 17% over last year, driven by growth across general electronics, semiconductor solutions, and next-generation automotive and energy technologies.
KEYS shares flew $9.99, or 6.8%, to $156.47.
