BANGKOK – Fabrinet's FY2023 revenue of $2.65 billion represented a 17.3% increase compared to the $2.26 billion in revenue for fiscal year 2022.

For the fourth quarter, the company's $655.9 million in revenue marked an 11.5% increase compared to last year's fourth-quarter revenue of $587.9 million.

"We exceeded our guidance for revenue and earnings per share in the fourth quarter," said CEO Seamus Grady. "During the quarter we saw very strong growth in datacom revenue, driven by new AI products, which more than offset anticipated headwinds from inventory adjustments at some customers. Our strong fourth quarter results helped produce record performances for revenue, profitability and cash flow in fiscal 2023. As we look to the first quarter of fiscal 2024, we are optimistic that new datacom programs can continue to offset inventory absorption in the industry, and that we can extend our track record of strong execution."

Fabrinet expects first quarter revenue to be in the range of $650 million to $670 million.