Keysight Technologies, Inc. Annual Report, Year Ended Oct 31, 2024

Keysight Technologies, Inc. reported a challenging fiscal year 2024, with revenue declining by 9% to $4.979 billion compared to $5.464 billion in fiscal year 2023. This decline was primarily driven by lower customer demand amidst a challenging macroeconomic environment characterized by high interest rates and geopolitical tensions. Net income saw a significant decrease of 42% year-over-year, falling to $614 million from $1.057 billion in fiscal year 2023. This was attributed to lower revenues, increased acquisition and integration costs, and restructuring expenses. Despite the near-term headwinds, Keysight remains focused on its long-term strategy of delivering differentiated, first-to-market solutions and capturing opportunities in emerging technologies like 5G/6G, AI, and advanced automotive systems. The company actively pursued strategic acquisitions in fiscal year 2024, including ESI Group SA, Riscure Holding B.V., and AnaPico AG, to broaden its software offerings and expand its reach in key markets. Management expressed confidence in the company's durable and resilient business model and its ability to navigate market conditions and deliver long-term value.