VIAVI SOLUTIONS INC. (VIAV): restructuring charge — Viavi reports Q2 revenue miss, 9.6% decline; announces restructuring of 5% workforce

VIAVI SOLUTIONS INC.

2023-Q2 EPS reported $0.18 revenue$594,700,000

Q2 revenue $284.5M (down 9.6% YoY); GAAP EPS $0.04 (down 71.4%); non-GAAP EPS $0.14 (down 41.7%).
GAAP operating margin 8.0%, down 770 bps; non-GAAP 16.2%, down 710 bps.
Restructuring plan approved: ~5% workforce cut, ~$15M charges, completion by end FY2023.
CEO cited stabilization signs in NSE; OSP segment grew YoY; YTD cash flow from ops >$70M.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

VIAVI SOLUTIONS INC. reported preliminary financial results for its fiscal second quarter ended December 31, 2022.

Period: its fiscal second quarter ended December 31, 2022
Result: preliminary results

Exact text from the filing

On February 2, 2023, Viavi Solutions Inc. (the “Company”) reported its preliminary results for its fiscal second quarter ended December 31, 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

VIAVI SOLUTIONS INC. announced a restructuring with charges of approximately $15 million (approximately 5% of its global workforce).

Type: restructuring
Charge: approximately $15 million
Headcount: approximately 5% of its global workforce

Exact text from the filing

On February 1, 2023, the Company approved a restructuring and workforce reduction plan (the “Plan”) intended to improve operational efficiencies and better align the Company’s workforce with current business needs and strategic growth opportunities. The Company expects approximately 5% of its global workforce to be affected and estimates it will incur charges of approximately $15 million in connection with the Plan.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

VIAVI SOLUTIONS INC. filing history →

Source: SEC EDGAR

accession 0000912093-23-000008

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