Financial Performance Overview:
- Revenue: $1.655 billion (up 6.4% QoQ)
- Net Income: $25 million (up 232% QoQ), reflecting a more than doubling of non-GAAP EPS to $0.33
- Gross Margin: Improved to 26.1%, a significant increase attributed to pricing actions and favorable product mix
- Operating Income: Rose to $154 million, with an operating margin of 9.3%
- Free Cash Flow: Grew to $128 million, showing strong cash generation amid capital expenditures of $60 million.
Management noted that future gross margins are expected to trend upwards through continued operational discipline and market recovery, with a target of exceeding 30% by the end of this calendar year.