ADTRAN Q3 revenue $272.3M, net loss $0.93; suspends dividend, Q4 guidance well below consensus

ADTRAN Holdings, Inc.

2023-Q3 EPS reported -$1.79 revenue$923,621,000

GAAP revenue $272.3M, below guidance; GAAP net loss $72.7M ($0.93 diluted loss per share).
Non-GAAP net loss $10.8M ($0.14 diluted loss); non-GAAP gross margin 40.3%.
Goodwill impairment $37.9M and inventory write-off $21.0M hit GAAP results.
Business efficiency program targets $90M non-GAAP opex reduction in 2024 vs 2023; quarterly dividend suspended.
Q4 2023 revenue guidance $210-240M (consensus $287.8M); non-GAAP op margin -7% to 0%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ADTRAN Holdings, Inc. reported the fiscal quarter ended September 30, 2023 results: revenue $272.3 million, net income $72.7 million, EPS $0.93. Guidance lowered.

Period: the fiscal quarter ended September 30, 2023
Revenue: $272.3 million
Net income: $72.7 million
EPS: $0.93
Guidance: lowered
Result: reported results

Exact text from the filing

--- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 ADTRAN Holdings, Inc. reports third quarter 2023 financial results and announces business efficiency program • Q3 revenue at $272.3 million with sequential improvement in GAAP and non-GAAP operating expenses • 15% projected reduction in non-GAAP operating expenses in Q4 2023 as compared to Q3 2023 • Targeting

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Source: SEC EDGAR

accession 0001193125-23-271842

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