Keysight Technologies Reports Second Quarter 2022 Results

Achieved Record Q2 Orders and All-time Record Revenue, and Raises Fiscal Year Outlook

SANTA ROSA, Calif. May 17, 2022 

Keysight Technologies, Inc. (NYSE: KEYS) today reported financial results for the second fiscal quarter ended April 30, 2022. 

"The Keysight team delivered another strong quarter, exceeding the high end of our revenue and EPS guidance. Demand for our broad-based portfolio of differentiated solutions remains strong. We executed well and successfully navigated the geopolitical and supply chain challenges within the quarter," said Satish Dhanasekaran, Keysight's President and CEO. "Our consistent performance is a testament to our strategy, our people, and the resilience of our business, and gives us confidence in our raised outlook for the year."

Second Quarter Financial Summary

  • Orders grew 9 percent to reach $1.46 billion, compared with $1.33 billion last year, or 11 percent on a core basis, which excludes the impact of foreign currency changes and orders associated with businesses acquired or divested within the last twelve months.
  • Revenue grew 11 percent to reach $1.35 billion, compared with $1.22 billion last year, or 12 percent on a core basis, which excludes the impact of foreign currency changes and revenue associated with businesses acquired or divested within the last twelve months.
  • GAAP net income was $258 million, or $1.41 per share, compared with $186 million, or $0.99 per share, in the second quarter of 2021.
  • Non-GAAP net income was $334 million, or $1.83 per share, compared with $270 million, or $1.44 per share in the second quarter of 2021.
  • Keysight acquired approximately 1.9 million shares in the open market at an average share price of $153.78, for a total consideration of $289 million.
  • As of April 30, 2022, cash and cash equivalents totaled $1.89 billion.

Reporting Segments

  • Communications Solutions Group (CSG)

CSG reported revenue of $963 million in the second quarter, up 10 percent over last year, driven by continued investments in 5G R&D and O-RAN adoption, new communications technologies such as 400G, 800G and terabit R&D, and wireline applications, as well as signal monitoring, cyber, space and satellite solutions. CSG reported growth across all regions.

  • Electronic Industrial Solutions Group (EISG)

EISG reported revenue of $388 million in the second quarter, up 13 percent over last year, driven by next-generation automotive and energy technologies and semiconductor measurement solutions. EISG reported growth across all regions.


Keysight's third fiscal quarter of 2022 revenue is expected to be in the range of $1.33 billion to $1.35 billion. Non-GAAP earnings per share for the third fiscal quarter of 2022 are expected to be in the range of $1.74 to $1.80. Full fiscal year 2022 revenue growth is expected to approach 8 percent. Non-GAAP earnings per share growth for fiscal year 2022 is expected to be in the range of 14 to 15 percent. Non-GAAP financial measures exclude items that pertain to future events and are not currently estimable with a reasonable degree of accuracy. Therefore, no reconciliation to GAAP amounts has been provided. Further information is discussed in the section titled "Use of Non-GAAP Financial Measures" below.


Keysight's management will present more details about its second quarter FY2022 financial results and its third quarter FY2022 outlook on a conference call with investors today at 1:30 p.m. PT. This event will be webcast in listen-only mode. Listeners may log on to the call at under the "Upcoming Events" section and select "Q2 2022 Keysight Technologies Inc. Earnings Conference Call" to participate or dial +1-844-200-6205 (U.S. only) or +1-929-526-1599 (International) and enter passcode 740819. The webcast will remain on the company site for 90 days.

Forward-Looking Statements

This communication contains forward-looking statements as defined in the Securities Exchange Act of 1934 and is subject to the safe harbors created therein. The words "expect," "intend," "will," "should," and similar expressions, as they relate to the company, are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect the expected results and are based on certain key assumptions of Keysight's management and on currently available information. Due to such uncertainties and risks, no assurances can be given that such expectations or assumptions will prove to have been correct, and readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Keysight undertakes no responsibility to publicly update or revise any forward-looking statement. The forward-looking statements contained herein include, but are not limited to, predictions, future guidance, projections, beliefs, and expectations about the company's goals, revenues, financial condition, earnings, impacts of US export control regulations, and operations that involve risks and uncertainties that could cause Keysight's results to differ materially from management's current expectations. Such risks and uncertainties include, but are not limited to, impacts to the supply chain; government mandates related to Covid-19 and its variants; export control regulations and compliance; net zero emissions commitments; increasing geopolitical tension in regions outside of the U.S.; increases in attrition and our ability to retain key personnel; changes in the demand for current and new products, technologies, and services; customer purchasing decisions and timing; and order cancellations.

In addition to the risks above, other risks that Keysight faces include those detailed in Keysight's filings with the Securities and Exchange Commission on Keysight's yearly report on Form 10-K for the period ended October 31, 2021, and Keysight's quarterly report on Form 10-Q for the period ended January 31, 2022.

Segment Data

Segment data reflect the results of our reportable segments under our management reporting system. Segment data are provided on page 5 of the attached tables.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP ("GAAP"), this document also contains certain non-GAAP financial measures based on management's view of performance, including:

  • Core Revenue
  • Non-GAAP Net Income/Earnings
  • Non-GAAP Net Income per share/Earnings per share

Income per share is based on weighted average diluted share count. See the attached supplemental schedules for reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure for the three months ended April 30, 2022. Following the reconciliations is a discussion of the items adjusted from our non-GAAP financial measures and the company's reasons for including or excluding certain categories of income or expenses from our non-GAAP results.

About Keysight Technologies    

Keysight delivers advanced design and validation solutions that help accelerate innovation to connect and secure the world. Keysight’s dedication to speed and precision extends to software-driven insights and analytics that bring tomorrow’s technology products to market faster across the development lifecycle, in design simulation, prototype validation, automated software testing, manufacturing analysis, and network performance optimization and visibility in enterprise, service provider and cloud environments. Our customers span the worldwide communications and industrial ecosystems, aerospace and defense, automotive, energy, semiconductor and general electronics markets. Keysight generated revenues of $4.9B in fiscal year 2021. For more information about Keysight Technologies (NYSE: KEYS), visit us at

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Keysight Contact:

Denise Idone
+ 1 941 888-2388

Jason Kary
+1 707 577-6916

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Second Quarter Fiscal 2022

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