The company said revenue for fiscal 2024 decreased 23% from fiscal 2023. It cited weaker macroeconomic conditions as the main factor, with customers in the Industrial end market reducing inventory and the timing of infrastructure deployment cycles in the Communications end market as explanations.

10-KAnnual reportFiled Nov 26, 2024Period of report Nov 2, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said revenue for fiscal 2024 decreased 23% from fiscal 2023. It cited weaker macroeconomic conditions as the main factor, with customers in the Industrial end market reducing inventory and the timing of infrastructure deployment cycles in the Communications end market as explanations.
The company said its gross margin for fiscal 2024 fell 690 basis points from fiscal 2023. It attributed the decline mainly to lower factory utilization from reduced customer demand and an unfavorable product mix.
The company said operating income for fiscal 2024 decreased $1,790.3 million from fiscal 2023. It said the decrease in net income reflected lower operating income and a $40.3 million increase in nonoperating expense, partially offset by a $151.4 million decrease in income tax provision.
The company said it had cash, cash equivalents and short-term investments of $2.4 billion as of November 2, 2024, and senior notes with a carrying value of approximately $7.0 billion. It said $1.7 billion remained available under its authorized stock repurchase program, and that on November 25, 2024 it declared a cash dividend of $0.92 per share.

Key figures

Fiscal year ended November 2, 2024

Revenue: $9.4B
Operating income: $2.0B
Net income: $1.6B
EPS: $3.28
Gross profit: $5.4B
Operating cash flow: $3.9B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Fiscal 2024 Revenue Down 23%

The company said revenue for fiscal 2024 decreased 23% from fiscal 2023. It cited weaker macroeconomic conditions as the main factor, with customers in the Industrial end market reducing inventory and the timing of infrastructure deployment cycles in the Communications end market as explanations.

Source · Based on the MD&A text of the filing

Gross Margin Down 690 basis points

The company said its gross margin for fiscal 2024 fell 690 basis points from fiscal 2023. It attributed the decline mainly to lower factory utilization from reduced customer demand and an unfavorable product mix.

Source · Based on the MD&A text of the filing

Drivers of Lower Operating and Net Income

The company said operating income for fiscal 2024 decreased $1,790.3 million from fiscal 2023. It said the decrease in net income reflected lower operating income and a $40.3 million increase in nonoperating expense, partially offset by a $151.4 million decrease in income tax provision.

Source · Based on the MD&A text of the filing

Liquidity, Debt and Shareholder Return Summary

The company said it had cash, cash equivalents and short-term investments of $2.4 billion as of November 2, 2024, and senior notes with a carrying value of approximately $7.0 billion. It said $1.7 billion remained available under its authorized stock repurchase program, and that on November 25, 2024 it declared a cash dividend of $0.92 per share.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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