IPG Photonics Corporation (NASDAQ:IPGP) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET
Company Participants
Eugene Fedotoff – Director-Investor Relations
Eugene Scherbakov – Chief Executive Officer
Tim Mammen – Senior Vice President and Chief Financial Officer
Conference Call Participants
Jim Ricchiuti – Needham & Company
Nikolay Todorov – Longbow Research
Paretosh Misra – Berenberg
Mark Miller – The Benchmark Company
Michael Feniger – Bank of America
Hans Chung – D.A. Davidson
Jamie Wang – Citigroup Hong Kong
Operator
Good morning, and welcome to IPG Photonics' Second Quarter 2022 Conference Call. Today's call is being recorded and webcast.
At this time, I would like to turn the call over to Eugene Fedotoff, IPG's Director of Investor Relations, for introductions. Please go ahead sir.
Eugene Fedotoff
Thank you, Rob, and good morning, everyone. With us today is IPG Photonics' CEO, Dr.
Eugene Scherbakov; and Senior Vice President and CFO, Tim Mammen. Statements made during the course of this call that discuss management's or the company's intentions, expectations or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties are detailed in IPG Photonics' Form 10-K for the period ended December 31, 2021 and other reports on file with the Securities and Exchange Commission.
Copies of these filings may be obtained by visiting the Investors section of IPG's website or by contacting the company directly. You may also find copies on the SEC's website.
Any forward-looking statements made on this call are the company's expectations or predictions as of today, August 2, 2022, only. The company assumes no obligation to publicly release any updates or revisions to any such statements. For additional details on our reported results, please refer to the earnings press release, earnings call presentation and the Excel-based financial data workbook posted on our Investor Relations website. We will post these prepared remarks on our Investor Relations website following the completion of this call.
With that, I'll now turn the call over to Eugene Scherbakov.
Eugene Scherbakov
Good morning, everyone. We are pleased with our results this quarter as we continue to diversify our revenue across key regions and applications. Second quarter revenue increased 1% year-over-year, but was meaningfully impacted by the strength of the U.S. dollar which reduced revenue and revenue growth by $18 million and 5%, respectively. I am proud that we continue to make progress on our key strategies. First, we made progress to achieve a better geographic balances in our business.