NASDAQ$CGNX
Cognex Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Cognex's second quarter revenue was at the top end of expectations, gross margin aligned with guidance, and operating expenses were favorable, leading to a strong sequential increase in operating margin.
Cognex reported a 12% decrease in revenue compared to Q2 2022, driven by softness in e-commerce logistics and weaker demand from factory automation customers. However, gross margin improved to 74%, and operating expenses were managed effectively.
- Revenue decreased by 12% year-over-year, or 10% in constant currency.
- Gross margin increased to 74% compared to 72% in the prior year.
- Operating expenses increased by 4% year-over-year due to Emerging Customer initiative investments.
- The effective tax rate was 15% in Q2 2023.
Headline financials
Revenue & EPS history
Cognex · Revenue · Quarterly
$243M
Forward guidance
Cognex expects Q3 2023 revenue to be between $180 million and $200 million, with gross margin in the low-70% range and operating expenses decreasing by low-single digits sequentially. The Non-GAAP effective tax rate is expected to be 16%.
Tailwinds
- Revenue expected between $180 million and $200 million.
- Operating expenses are expected to decrease by low-single digits on a sequential basis.
- Emerging Customer investment continues to ramp up.
- Company remains diligent about managing discretionary costs.
- Non-GAAP effective tax rate expected to be 16%.
Headwinds
- Revenue is expected to decrease on a sequential basis.
- Manufacturing investment is further softening.
- Gross margin is expected to decrease from 74% in Q2 2023.
- Decrease in gross margin driven primarily by operating deleverage.
- Decrease in gross margin driven primarily by less favorable revenue mix.
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 Q2 2023
+1.5%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+1.3%
Avg return
30 days after
59%
40 / 68 earnings
Positive
+36.3%
Q4 2025
Best reaction
-22.7%
Q2 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.8% | +5.5% | -2.4% | |
| Q4 2025 | +36.3% | +32.7% | +11.5% | |
| Q3 2025 | -12.9% | -15.7% | -19.7% | |
| Q1 2025 | +1.9% | +1.9% | +9.8% | |
| Q4 2024 | -13.6% | -15.8% | -19.7% | |
| Q3 2024 | -0.9% | +0.6% | -1.5% | |
| Q2 2024 | -20.0% | -24.6% | -17.4% | |
| Q1 2024 | +7.0% | +12.1% | +11.2% | |
| Q4 2023 | +5.5% | +9.1% | +12.6% | |
| Q3 2023 | -0.5% | +3.8% | +7.9% | |
| Q2 2023 | -3.2% | -4.4% | -6.9% | |
| Q1 2023 | +4.8% | +4.6% | +20.1% | |
| Q4 2022 | -14.6% | -16.2% | -13.7% | |
| Q3 2022 | +7.7% | +9.8% | +18.8% | |
| Q2 2022 | -8.1% | -5.1% | -15.9% | |
| Q1 2022 | -20.2% | -28.1% | -29.4% | |
| Q4 2021 | +2.5% | +0.5% | +11.7% | |
| Q3 2021 | -12.8% | -8.2% | -17.0% | |
| Q2 2021 | -4.4% | -5.5% | -1.9% | |
| Q1 2021 | -2.9% | -6.3% | -0.5% | |
| Q4 2020 | +6.4% | +2.4% | -8.2% | |
| Q3 2020 | +1.4% | +1.4% | +11.7% | |
| Q2 2020 | +2.1% | +3.5% | +5.8% | |
| Q1 2020 | +14.4% | +7.4% | +29.4% | |
| Q4 2019 | -2.0% | -7.2% | -18.7% | |
| Q3 2019 | -1.0% | -0.2% | -0.9% | |
| Q2 2019 | +9.4% | -0.3% | +2.8% | |
| Q1 2019 | -8.2% | -10.8% | -24.1% | |
| Q4 2018 | +2.8% | +4.3% | +10.1% | |
| Q3 2018 | +1.8% | +12.9% | +3.3% | |
| Q2 2018 | +15.6% | +15.8% | +16.3% | |
| Q1 2018 | -0.2% | +2.1% | +0.4% | |
| Q4 2017 | -3.9% | -2.8% | -4.7% | |
| Q3 2017 | -1.8% | +6.0% | +8.3% | |
| Q2 2017 | +11.1% | +5.8% | +14.0% | |
| Q1 2017 | +5.7% | +5.5% | +7.2% | |
| Q4 2016 | +9.3% | +9.7% | +15.4% | |
| Q3 2016 | +0.2% | -1.4% | +16.0% | |
| Q2 2016 | +8.3% | +9.5% | +10.2% | |
| Q1 2016 | +15.8% | — | — | |
| Q4 2015 | +6.1% | — | — | |
| Q3 2015 | -9.6% | — | — | |
| Q2 2015 | -22.7% | — | — | |
| Q1 2015 | -0.9% | — | — | |
| Q4 2014 | +8.3% | — | — | |
| Q3 2014 | -3.0% | — | — | |
| Q2 2014 | +13.6% | — | — | |
| Q1 2014 | -0.2% | — | — | |
| Q4 2013 | -7.3% | — | — | |
| Q3 2013 | +5.9% | — | — | |
| Q2 2013 | +4.9% | — | — | |
| Q1 2013 | +5.9% | — | — | |
| Q4 2012 | +1.9% | — | — | |
| Q3 2012 | +2.4% | — | — | |
| Q2 2012 | +4.2% | — | — | |
| Q1 2012 | +4.6% | — | — | |
| Q4 2011 | -4.7% | — | — | |
| Q3 2011 | -0.8% | — | — | |
| Q2 2011 | +4.9% | — | — | |
| Q1 2010 | +15.7% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q4 2010 | -7.3% | — | — | |
| Q4 2008 | -7.3% | — | — | |
| Q3 2009 | +10.5% | — | — | |
| Q3 2010 | +10.5% | — | — | |
| Q2 2009 | +8.6% | — | — | |
| Q4 2009 | +8.6% | — | — | |
| Q2 2010 | +8.6% | — | — |
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