Keysight Technologies, Inc. (NYSE: KEYS), a provider of test and measurement equipment, reported lower earnings and revenues for the third quarter of 2020. The results, however, topped expectations and the company’s stock gained on Thursday evening.
Third-quarter revenues were $1.01 billion, down 7% from last year but sharply above the consensus forecast.
Adjusted earnings, excluding one-off items, dropped to $1.19 per share from $1.25 per share in the prior-year quarter. Net income came in at $176 million or $0.93 per share, compared to $159 million or $0.83 per share in the third quarter of 2019. Analysts had predicted a lower bottom-line number.
After a series of ups and downs, Keysight’s stock is currently trading broadly at the levels seen at the beginning of the year. It closed Thursday’s trading down 1% but moved up during the extended session soon after the earnings announcement.