Zebra Technologies Corporation,(ZBRA) a global leader in enterprise asset in telligence, released its consolidated financial statements for the second quarter of 2023. The company reported a net income of $144 million during the quarter, along with total net sales of $1.2 billion. Let's dive into the details of the financial report to gain a deeper understanding of the company's performance.
Net Income
During the three months ended July 1, 2023, Zebra Technologies Corporation achieved a net income of $144 million. This represents a significant turnaround from the same period last year when the company reported a net loss of $98 million. The improvement in net income highlights the company's successful operational strategies and cost management initiatives.
Revenue
Zebra Technologies Corporation generated a total of $1.2 billion in net sales for the second quarter of 2023. This revenue figure includes both tangible product sales, amounting to $986 million, and service and software sales, amounting to $228 million. While the company experienced a decline in net sales compared to the same period last year, the strong performance of its service and software segment helped mitigate the impact.
The consolidated balance sheets of Zebra Technologies Corporation as of July 1, 2023, show total assets of $7.46 billion, compared to $7.53 billion at the end of 2022. The current assets decreased from $1.88 billion to $1.75 billion during the same period.
The company's consolidated statements of operations revealed that gross profit for the second quarter of 2023 was $581 million, compared to $674 million in the same period in 2022. Operating income was $194 million, representing a significant improvement from the operating loss of $145 million reported in the second quarter of 2022.
Furthermore, the consolidated statements of cash flows indicated that Zebra Technologies Corporation used $110 million in operating activities during the first half of 2023. The company invested $35 million in various business activities and received $97 million through financing activities.
Overall, despite challenges in certain segments, Zebra Technologies Corporation demonstrated resilience in its financial performance and continues to maintain a strong position in the market.