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Keysight Technologies Inc. (KEYS+0.75%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenue to $4.979 billion from $5.464 billion in the previous year. The decline in revenue is attributed to lower demand across various regions and markets, impacted by macroeconomic challenges.
Net income for the year was $614 million, down from $1.057 billion in the previous year. The decrease in net income was primarily driven by lower revenue, higher acquisition and integration costs, and restructuring costs.
Cash provided by operating activities was $1.052 billion, while cash used in investing and financing activities was $819 million and $913 million, respectively.
The company reported a gross margin of 62.9%, a decrease from 64.6% in the previous year, primarily due to lower revenue volume and higher amortization of acquisition-related balances.
Research and development expenses increased to $919 million from $882 million, reflecting continued investments in key growth opportunities and leading-edge technologies.
Selling, general, and administrative expenses increased to $1.395 billion from $1.307 billion, driven by higher acquisition and integration costs and incremental costs from acquired businesses.
Keysight completed the acquisition of ESI Group SA and other companies during the year, expanding its portfolio with simulation capabilities and security assessment solutions.
The company’s effective tax rate increased to 29% from 22% in the previous year, impacted by a one-time income tax charge related to the adjustment of Singapore deferred tax asset values.
Keysight's Communications Solutions Group and Electronic Industrial Solutions Group reported revenue declines of 7% and 12%, respectively, reflecting lower customer demand and macroeconomic pressures.
The company continues to focus on delivering differentiated solutions and expanding its customer base in commercial communications, automotive, aerospace, defense, and government markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Keysight Technologies Inc. annual 10-K report dated December 17, 2024. To report an error, please email earnings@qz.com.