Keysight Technologies Inc (NYSE:KEYS) stock fell 1.54% (As on May 18, 11:35:58 AM UTC-4, Source: Google Finance) after the company beaten the earnings estimates for the second quarter of FY 22. 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. Non-GAAP net income was $334 million compared with $270 million, 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. Communications Solutions Group (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) 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.

KEYS in the second quarter of FY 22 has reported the adjusted earnings per share of $1.83, beating the analysts’ estimates for the adjusted earnings per share of $1.67, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 10.7 percent to $1.35 billion in the second quarter of FY 22.

Moreover, the company continues to advance the software-centric solution strategy as the rapid pace of technology accelerates, the customers across end markets are seeking deeper engagements earlier in the design cycle and are adopting the company’s software solutions. The capabilities of the PathWave software platform facilitate continuous stream of releases that matches the innovation cadence of the customers. This enables the company to secure enterprise agreements with market leaders for high-value R&D solutions. Orders for software and value-added services like KeysightCare again grew double digits as the company continued to grow recurring revenue this quarter.

For the second quarter ending in August, Keysight expects its per-share earnings to range from $1.74 to $1.80. The company expects revenue to be in the range of $1.33 billion to $1.35 billion for the fiscal third quarter.