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Weeks of May 15th & 22nd

  • Marvell projected the bottom in Datacenter silicon demand and messaged heavily about A.I.
  • Broadcom Datacenter revenue continues its consistent increase.
  • Credo shoots down linear-drive and co-packed optics as threats

This is the final note for 1Q23 – next week starts 2Q23 with Ciena and Semtech. You can see a full archive of the quarter’s results below.

Week of May 8th:

  • Fabrinet‘s 400/800G Datacom module assembly work is offsetting inventory-related weakness in Telecom
  • Adtran‘s ADVA acquisition had record revenue but CPE equipment is in inventory correction
  • Lumentum results may be a negative leading indicator for optical transport hardware
  • Coherent saw demand for both telecom and datacom components weaken rapidly as the quarter progressed

Week of May 1st:

  • Arista Networks changed its tone and is now more cautious about revenue from cloud operators
  • Infinera revenue growth is slowing while customers hesitate, and it is counting on a strong 2H23 to meet its growth guidance
  • CommScope expects continued inventory absorption and weakness but believes things will turn upward in 2H23
  • MACOM indicates demand from its optical transceiver customers will be 60-70% of previous years’ levels.

Week of April 24th:

  • Intel changes the accounting for its optical BU
  • Ribbon continues to ride service provider demand and execute a turnaround of its IP Optical business
  • Juniper supply chain issues resolve but company cautions on cloud operator demand
  • Corning sees continued weakness in fiber connectivity products from FTTH and cloud customers

Week of April 17th:

  • Nokia posts record Q1 optical and IP results, but the mobile infrastructure shipment outlook is weak for Q2
  • Calix continues a trend of excellent results but dials down growth projections based on 2H23 uncertainty
  • Ericsson deals with inventory bloat, and customers are cautious about mobile capex

Week of Mar 6:

  • Ciena finally began burning through its record backlog and notched a record quarter

Results for companies tracked in market share reports are available for download in real-time Excel files (Hardware) (Components)

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