TE Connectivity (TEL) Revenue — Quarter Ended Dec 29, 2023
Revenue for the quarter was down compared to both the prior quarter and the same quarter last year. The decline was slightly more moderate versus the prior quarter than the decline seen in the year-ago comparison.
Key takeaway
Quarter ended Dec 29, 2023 · FY2024 Q1
Revenue for the quarter was down compared to both the prior quarter and the same quarter last year. The decline was slightly more moderate versus the prior quarter than the decline seen in the year-ago comparison.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$3.8B
Revenue reported for this quarter.
Quarter-over-quarter
-5.1%
Change from the immediately preceding quarter.
Year-over-year
-0.3%
Change from the comparable year-ago quarter.
Trailing four quarters
$16B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Mar 31, 2023 | $4.2B | +3.8% |
| Jun 30, 2023 | $4B | -2.4% |
| Sep 29, 2023 | $4B | -7.4% |
| Dec 29, 2023 | $3.8B | -0.3% |
Revenue performance
Reported net sales decreased, reflecting a drop in the top line from the level seen in the immediately preceding quarter. Compared with the same period a year earlier, net sales also declined but by a smaller rate than the sequential change.
Quarterly comparison
Sequential revenue fell compared with the prior quarter, and year-over-year revenue also decreased relative to the same quarter last year. The sequential rate of decline was greater than the year-over-year rate.
What to watch
Management's outlook for the next quarter points to expected revenue growth sequentially, driven by an anticipated increase in the Industrial Solutions segment.