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Applied Optoelectronics | 8-K: Applied Optoelectronics Reports First Quarter 2024 Results

SEC announcement ·  May 10 05:08
Summary by Futu AI
Applied Optoelectronics, Inc., a leading provider of fiber-optic network products, reported its financial results for the first quarter of 2024 on May 9, 2024. The company experienced lower-than-expected revenue and gross margin, attributed to product mix, with a GAAP revenue of $40.7 million compared to $53.0 million in the same quarter of the previous year. The GAAP gross margin also decreased to 18.7% from 17.4% year-over-year. The net loss widened to $23.2 million, or $0.60 per basic share, from a net loss of $16.3 million, or $0.56 per basic share in the first quarter of 2023. Non-GAAP net loss was reported at $12.0 million, or $0.31 per basic share. Despite the slow start, the company's CEO, Dr. Thompson Lin, anticipates a recovery in the second quarter and a stronger second half of the year, citing robust long-term demand across their markets. The company also provided guidance for the second quarter of 2024, expecting revenue between $41.5 million to $46.5 million and a non-GAAP gross margin between 25.5% to 27.5%.
Applied Optoelectronics, Inc., a leading provider of fiber-optic network products, reported its financial results for the first quarter of 2024 on May 9, 2024. The company experienced lower-than-expected revenue and gross margin, attributed to product mix, with a GAAP revenue of $40.7 million compared to $53.0 million in the same quarter of the previous year. The GAAP gross margin also decreased to 18.7% from 17.4% year-over-year. The net loss widened to $23.2 million, or $0.60 per basic share, from a net loss of $16.3 million, or $0.56 per basic share in the first quarter of 2023. Non-GAAP net loss was reported at $12.0 million, or $0.31 per basic share. Despite the slow start, the company's CEO, Dr. Thompson Lin, anticipates a recovery in the second quarter and a stronger second half of the year, citing robust long-term demand across their markets. The company also provided guidance for the second quarter of 2024, expecting revenue between $41.5 million to $46.5 million and a non-GAAP gross margin between 25.5% to 27.5%.
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