Trimble Clocks 6% Organic Revenue Growth In Q2; Slashes FY22 Outlook - Trimble (NASDAQ:TRMB)

Trimble Inc TRMB reported second-quarter FY22 organic revenue growth of 6% year-on-year to $941.2 million, beating the consensus of $930.5 million.
Annualized recurring revenue was $1.51 billion, up 12% Y/Y.
Product revenue declined 5.1% Y/Y to $564.5 million.
Service revenue fell by 2.5% Y/Y to $158 million.
Subscription revenue rose 16.2% Y/Y to $218.7 million.
Non-GAAP gross margin expanded by 150 bps to 59.7%. Non-GAAP EPS of $0.64 beat the consensus of $0.62.
Trimble held $350.1 million in cash and equivalents.
Outlook: Trimble cut the FY22 revenue guidance from $3.80 billion - $3.88 billion to $3.76 billion - $3.82 billion, below the consensus of $3.86 billion.
Trimble slashed the non-GAAP EPS outlook from $2.71 - $2.86 to $2.70 - $2.80.
Price Action: TRMB shares closed higher by 0.82% at $70.30 on Thursday.