Flex Ltd. stock research
FY2024 Q1
Flex (FLEX) Gross Margin — Quarter Ended Jun 30, 2023
Revenue decreased compared to the prior quarter and the same quarter last year, while gross profit increased relative to the prior quarter but decreased relative to the year-ago quarter. The filing notes that the company is monitoring the conflict in Ukraine with no material impact to date, and that a subsidiary completed a follow-on offering.
Gross margin takeaway
Quarter ended Jun 30, 2023 · FY2024 Q1
Revenue decreased compared to the prior quarter and the same quarter last year, while gross profit increased relative to the prior quarter but decreased relative to the year-ago quarter. The filing notes that the company is monitoring the conflict in Ukraine with no material impact to date, and that a subsidiary completed a follow-on offering.
- The sequential improvement in gross margin was associated with a higher gross profit despite lower revenue, while the year-over-year decline reflected a lower gross profit relative to revenue.
- Compared to the prior quarter, gross margin improved; compared to the same quarter last year, gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
6.9%
Gross profit
$476.0M
Revenue
$6.9B
Cost of revenue
$6.4B
Quarter-over-quarter change
n/a
Year-over-year change
-0.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $6.9B | $476.0M | $6.4B | 6.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Previous quarter unavailable
n/a
Year-over-year change
Jul 1, 2022
-0.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The sequential improvement in gross margin was associated with a higher gross profit despite lower revenue, while the year-over-year decline reflected a lower gross profit relative to revenue.
Compared to the prior quarter, gross margin improved; compared to the same quarter last year, gross margin weakened.
Monitor the trend in cost of revenue, which increased sequentially even as revenue declined.