Viavi Solutions Inc. (NASDAQ:VIAV) Q2 2024 Results Conference Call February 1, 2024 4:30 PM ET
Company Participants
Ilan Daskal - CFO
Oleg Khaykin - President and CEO
Conference Call Participants
Michael Genovese - Rosenblatt
Tim Savageaux - Northland Capital
Alex Henderson - Needham & Company
Meta Marshall - Morgan Stanley
Ruben Roy - Stifel
Operator
Hello, everyone. My name is Rob. Welcome to Viavi Solutions Second Quarter Fiscal Year 2024 Earnings Call [Operator Instructions]. I will now turn the line over to Ilan Daskal, Viavi Solutions’ CFO. Please go ahead.
Ilan Daskal
Thank you, operator. Good afternoon, everyone. And welcome to Viavi Solutions' second quarter fiscal year 2024 earnings call. My name is Ilan Daskal, Viavi Solutions’ CFO. And with me on today's call is Oleg Khaykin, our President and CEO.
Please note this call will include forward-looking statements about the company's financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations and estimations. We encourage you to review our most recent annual report and SEC filings, particularly the risk factors described in those filings. The forward-looking statements, including guidance that we provide during this call, are valid only as of today. Viavi undertakes no obligation to update these statements. Please also note that unless we state otherwise, all results discussed on this call except revenue are non-GAAP. We reconcile these non-GAAP results to our preliminary GAAP financials and discuss their usefulness and limitations in today's earnings release. The release as well as our supplemental earnings slides, which include historical financial tables, are available on Viavi’s website at www.investor.viavisolutions.com. Finally, we are recording today's call and will make the recording available on our Web site by 4:30 p.m. Pacific Time this evening. Now I would like to review the results of the second quarter of fiscal year 2024.
Net revenue for the quarter was $254.5 million, which was above the midpoint of our guidance range of $240 million to $260 million. Revenue was up sequentially by 2.7% and on a year-over-year basis was down 10.5%. Operating margin for the second fiscal quarter was 13.2% and exceeded the high end of our guidance range of 9.6% to 12.8%. Operating margin increased 80 basis points from the prior quarter and on a year-over-year basis was down 300 basis points. EPS at $0.11 exceeded the high end of our guidance range of $0.06 to $0.10 and was up $0.02 sequentially, and on a year-over-year basis was down $0.03.