VIAVI Solutions Inc. reported its fiscal first quarter results for the period ended September 28, 2024, on October 31, 2024. The company announced net revenue of $238.2 million, which was a 3.9% decrease year-over-year and slightly below the midpoint of its guidance range. Non-GAAP earnings per share (EPS) came in at $0.06, meeting the midpoint of the guidance range but representing a 33.3% decrease year-over-year.
The Network and Service Enablement (NSE) segment's revenue was $159.4 million, down 6.5% year-over-year, primarily due to slower order pace from service providers for field instruments. However, the Optical Security and Performance Products (OSP) segment performed strongly, with revenue of $78.8 million, up 1.7% year-over-year and exceeding the high end of its guidance range, driven by anti-counterfeiting and 3D sensing products. Non-GAAP operating margin for the company was 10.0%, a decrease of 240 basis points year-over-year.
Looking ahead to the second fiscal quarter of 2025, VIAVI expects net revenue to be between $255 million and $265 million, with non-GAAP EPS projected between $0.09 and $0.11. CEO Oleg Khaykin noted a pickup in NSE order momentum for advanced fiber products like 800G and 1.6Tb, aligning with expectations for the beginning of NSE demand recovery in the second half of fiscal 2025. The company also highlighted the launch of the VALOR Lab and the industry's first 1.6 terabits per second high-speed Ethernet testing solution as key achievements.
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