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Viavi Solutions Inc. (VIAV+0.28%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing details the company's financial performance, reporting a net revenue of $270.8 million for the quarter, which represents a 6.4% increase compared to the same period in the previous year. This growth was primarily driven by increased spending from service providers and network equipment manufacturers.
The company's gross profit for the quarter was $160.8 million, resulting in a gross margin of 59.4%, up from 58.2% in the previous year. This improvement was attributed to higher volumes in the Network Enablement segment.
Operating expenses for the quarter included research and development costs of $52.1 million and selling, general, and administrative expenses of $84.3 million. These figures reflect increases of 5.3% and 12.7%, respectively, compared to the previous year.
Viavi reported a net income of $9.1 million for the quarter, down from $10.7 million in the previous year. The decrease was mainly due to higher operating expenses.
The company highlighted its ongoing restructuring efforts, aimed at improving operational efficiencies and aligning its workforce with current business needs. The restructuring plan is expected to be substantially complete by the end of fiscal 2025.
Viavi also noted its cash and cash equivalents position at $496.4 million as of December 28, 2024, an increase from $481.8 million at the end of June 2024. This increase was driven by cash provided by operating activities.
The filing discusses the company's strategic focus on expanding its market presence and developing new technologies, particularly in the areas of 3D sensing and network infrastructure.
Viavi continues to face challenges related to geopolitical conditions, supply chain disruptions, and competitive pressures, which could impact future financial performance.
The company did not repurchase any shares during the quarter under its existing repurchase plan, which has a remaining authorization of $198.4 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Viavi Solutions Inc. quarterly 10-Q report dated January 31, 2025. To report an error, please email earnings@qz.com.