Keysight Technologies (NYSE:KEYS) is 7.1% lower postmarket after its Q2 results declined and missed expectations.
Revenues slipped 18% to $895M, a drop the company blamed on supply chain disruptions in the COVID-19 pandemic.
But it noted durable cash generation and a record cash balance of $1.8B.
"After site closures and limited capacity in March and April, we are pleased to announce that we are re-opening sites and ramping our production, which we expect to be back to 100% capacity by the end of the third quarter," says CEO Ron Nersesian.
Orders fell 3% to $1.09B.
Non-GAAP net income fell to $148M from a prior-year $233M.
In a limited outlook, the company says its production operations and those of its suppliers are now ramping capacity in a rebound from limits in March and April. "Continued progress is expected in the third quarter with third-quarter revenue, operating margin and earnings expected to be in line with, or better than, the most recent quarter."