NASDAQ$ADTN
ADTRAN Holdings Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported third quarter results, which included revenue of $272.3 million and sequential improvements in GAAP and non-GAAP operating expenses, and announced a business efficiency program.
ADTRAN Holdings reported Q3 2023 revenue of $272.3 million. The company is implementing a business efficiency program targeting a reduction of non-GAAP operating expenses of approximately $90 million for the year 2024 as compared to 2023.
- Q3 revenue at $272.3 million with sequential improvement in GAAP and non-GAAP operating expenses
- 15% projected reduction in non-GAAP operating expenses in Q4 2023 as compared to Q3 2023
- Targeting positive non-GAAP operating margin for the second quarter 2024
- Expected reduction of non-GAAP operating expenses of approximately $90 million for the year 2024 as compared to 2023
Headline financials
Revenue & EPS history
ADTRAN · Revenue · Quarterly
$272M
Revenue by segment
ADTRAN · $272M total across 2 segments · Q3 2023
- Network Solutions$229M-25.0%83.9%
- Services & Support$43.8M+22.4%16.1%
Forward guidance
The outlook for the fourth quarter 2023 includes revenue to be between $210 million and $240 million, and non-GAAP operating margin between negative 7% and 0%.
Tailwinds
- Significant cost efficiency program targeting a reduction of non-GAAP operating expenses of approximately $90 million for the year 2024 as compared to 2023
- Projected $15 million reduction in non-GAAP operating expenses for the fourth quarter of 2023 compared to the third quarter of 2023
- Capital efficiency program includes a site consolidation plan that management expects to generate proceeds up to $150 million
- Suspension of the quarterly dividend
- Aiming to lower costs by $90 million by the end of 2024 as compared to 2023
Headwinds
- Uncertainty around the current macro-economic environment
- Customer inventory levels
- Impact on customer spending levels
- Anticipate that the ongoing uncertainty affecting customer spending will extend into 2024
- Environment has proven to be very challenging
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-1.9%
Avg return
Earnings day
-0.9%
Avg return
5 days after
-1.4%
Avg return
30 days after
44%
30 / 68 earnings
Positive
+22.0%
Q3 2024
Best reaction
-26.1%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -16.4% | -18.4% | -5.7% | |
| Q4 2025 | -6.3% | -7.6% | +21.0% | |
| Q3 2025 | -24.1% | -23.6% | -18.1% | |
| Q1 2025 | -3.4% | +7.7% | +1.0% | |
| Q4 2024 | -0.4% | +0.2% | -16.1% | |
| Q3 2024 | +22.0% | +32.0% | +36.2% | |
| Q2 2024 | -23.0% | -21.4% | -14.3% | |
| Q1 2024 | +13.7% | +15.2% | +12.9% | |
| Q4 2023 | +2.1% | +0.2% | -13.2% | |
| Q3 2023 | -26.1% | -25.5% | -16.6% | |
| Q2 2023 | -19.2% | -11.2% | -7.5% | |
| Q1 2023 | +0.6% | -4.1% | +7.2% | |
| Q4 2022 | -2.7% | +1.9% | -12.8% | |
| Q3 2022 | -1.4% | -4.2% | -7.1% | |
| Q2 2022 | -5.3% | -2.2% | -7.0% | |
| Q1 2022 | -5.2% | -1.6% | +8.8% | |
| Q4 2021 | +4.7% | +8.3% | +2.8% | |
| Q3 2021 | +4.2% | +12.0% | +7.3% | |
| Q2 2021 | -1.9% | +6.7% | -7.1% | |
| Q1 2021 | +3.8% | +15.6% | +21.1% | |
| Q4 2020 | -5.4% | -1.8% | +1.5% | |
| Q3 2020 | +4.5% | +14.0% | +19.4% | |
| Q2 2020 | -5.7% | -5.8% | -18.7% | |
| Q1 2020 | +15.7% | +6.0% | +14.3% | |
| Q4 2019 | +0.3% | -11.4% | -14.4% | |
| Q3 2019 | -8.1% | -0.5% | -4.2% | |
| Q2 2019 | -23.0% | -27.4% | -31.7% | |
| Q1 2019 | +12.9% | +18.7% | +10.2% | |
| Q4 2018 | +15.1% | +24.7% | +23.9% | |
| Q3 2018 | -12.0% | -19.2% | -19.2% | |
| Q2 2018 | +0.3% | +3.1% | +2.8% | |
| Q1 2018 | -3.9% | -5.5% | -5.1% | |
| Q4 2017 | -4.3% | -13.8% | -16.7% | |
| Q3 2017 | -6.9% | -8.5% | -12.3% | |
| Q2 2017 | +7.3% | +13.7% | +4.9% | |
| Q1 2017 | +2.9% | +2.1% | +0.5% | |
| Q4 2016 | +2.0% | -0.4% | -2.5% | |
| Q3 2016 | +10.2% | +5.5% | +10.2% | |
| Q2 2016 | -2.9% | -8.5% | -8.4% | |
| Q1 2016 | +1.1% | — | — | |
| Q4 2015 | +2.9% | — | — | |
| Q3 2015 | -8.0% | — | — | |
| Q2 2015 | -4.8% | — | — | |
| Q1 2015 | -13.6% | — | — | |
| Q4 2014 | +2.2% | — | — | |
| Q3 2014 | +2.5% | — | — | |
| Q2 2014 | +0.4% | — | — | |
| Q1 2014 | -4.7% | — | — | |
| Q4 2013 | +9.7% | — | — | |
| Q3 2013 | -6.8% | — | — | |
| Q2 2013 | -6.2% | — | — | |
| Q1 2013 | +17.1% | — | — | |
| Q4 2012 | +1.2% | — | — | |
| Q3 2012 | -1.6% | — | — | |
| Q2 2012 | -17.1% | — | — | |
| Q1 2012 | -0.8% | — | — | |
| Q4 2008 | -10.8% | — | — | |
| Q4 2011 | -10.8% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q2 2011 | -1.1% | — | — | |
| Q1 2010 | +1.9% | — | — | |
| Q1 2011 | -2.8% | — | — | |
| Q4 2010 | +1.8% | — | — | |
| Q3 2009 | +0.9% | — | — | |
| Q3 2010 | +0.9% | — | — | |
| Q2 2009 | -0.6% | — | — | |
| Q2 2010 | -0.6% | — | — | |
| Q4 2009 | -0.6% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro