Fabrinet delivered strong financial results for fiscal year 2024, with revenues increasing 9.0% to $2.88 billion from $2.65 billion in fiscal year 2023. Operating income rose 10.3% to $277.6 million, representing 9.6% of revenues. Net income grew to $296.2 million, or 10.3% of revenues, compared to $247.9 million in the prior year.Optical communications revenue, representing 79.4% of total revenue, increased 14.0% to $2.29 billion, driven by strong growth in data communications products for artificial intelligence applications. This was partially offset by lower telecommunications revenue due to ongoing inventory absorption. Non-optical communications revenue decreased 6.7% to $594.0 million, primarily due to inventory absorption in the automotive market.The company maintained a strong balance sheet with cash, cash equivalents and short-term investments of $858.6 million as of June 28, 2024. Fabrinet's board approved an additional $139.5 million share repurchase authorization in August 2024, bringing the total authorization to $434.3 million with $200.0 million remaining. The company continues to focus on operational excellence and expanding manufacturing capacity to support future growth.

Fabrinet delivered strong financial results for fiscal year 2024, with revenues increasing 9.0% to $2.88 billion from $2.65 billion in fiscal year 2023. Operating income rose 10.3% to $277.6 million, representing 9.6% of revenues. Net income grew to $296.2 million, or 10.3% of revenues, compared to $247.9 million in the prior year.Optical communications revenue, representing 79.4% of total revenue, increased 14.0% to $2.29 billion, driven by strong growth in data communications products for artificial intelligence applications. This was partially offset by lower telecommunications revenue due to ongoing inventory absorption. Non-optical communications revenue decreased 6.7% to $594.0 million, primarily due to inventory absorption in the automotive market.The company maintained a strong balance sheet with cash, cash equivalents and short-term investments of $858.6 million as of June 28, 2024. Fabrinet's board approved an additional $139.5 million share repurchase authorization in August 2024, bringing the total authorization to $434.3 million with $200.0 million remaining. The company continues to focus on operational excellence and expanding manufacturing capacity to support future growth.