NEW YORK - Keysight Technologies , Inc. (NYSE: NYSE:KEYS) saw its shares surge 9.6% in after-hours trading on Tuesday after the electronic measurement company reported better-than-expected third quarter results and provided an upbeat outlook.
The Santa Rosa, California-based company posted adjusted earnings per share of $1.57 for the quarter ended July 31, beating analyst estimates of $1.35. Revenue came in at $1.22 billion, topping the consensus forecast of $1.19 billion, though down 12% YoY.
"Keysight delivered revenue and earnings above the high end of our guidance in market conditions that were stable and consistent with our expectations," said Satish Dhanasekaran, Keysight's President and CEO.
For the fourth quarter, Keysight expects adjusted EPS of $1.53 to $1.59 on revenue between $1.245 billion and $1.265 billion. Both ranges were ahead of Wall Street projections.
The company's Communications Solutions Group saw revenue decline 8% YoY to $847 million, while the Electronic Industrial Solutions Group posted a 20% YoY revenue drop to $370 million.
Despite the YoY declines, Keysight's strong results and guidance appear to have reassured investors about the company's near-term outlook amid challenging market conditions. The significant after-hours stock jump suggests Wall Street is reacting positively to Keysight's ability to outperform expectations.
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