filings.toolsItem 8. Financial Statements and Supplementary Data
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Item 8. Financial Statements and Supplementary Data
The Consolidated Financial Statements and related disclosures included in Part IV, Item 15 of this annual report are incorporated by reference into this Item 8.
Selected Quarterly Financial Data (Unaudited)
| Fiscal 2018 | Fiscal 2017 | |||||||||||||||||||||||||||||||
| (In millions, except per share data) | Fourth Quarter | Third Quarter (1) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||
| Net revenues | $ | 1,210 | $ | 1,209 | $ | 1,240 | $ | 1,175 | $ | 1,115 | $ | 1,041 | $ | 979 | $ | 884 | ||||||||||||||||
| Gross profit | 946 | 960 | 978 | 918 | 856 | 806 | 769 | 735 | ||||||||||||||||||||||||
| Operating income (loss) | 6 | 96 | (9 | ) | (44 | ) | (178 | ) | (16 | ) | (12 | ) | 106 | |||||||||||||||||||
| Income tax expense (benefit) | (7 | ) | (606 | ) | (53 | ) | (24 | ) | (71 | ) | (5 | ) | 19 | 31 | ||||||||||||||||||
| Income (loss) from continuing operations | (58 | ) | 1,311 | (16 | ) | (110 | ) | (177 | ) | (56 | ) | (69 | ) | 66 | ||||||||||||||||||
| Income (loss) from discontinued operations, net of income taxes | (1 | ) | 31 | 4 | (23 | ) | 34 | 102 | (75 | ) | 69 | |||||||||||||||||||||
| Net income (loss) | (59 | ) | 1,342 | (12 | ) | (133 | ) | (143 | ) | 46 | (144 | ) | 135 | |||||||||||||||||||
| Income (loss) per share — basic: (2) | ||||||||||||||||||||||||||||||||
| Continuing operations | $ | (0.09 | ) | $ | 2.12 | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.29 | ) | $ | (0.09 | ) | $ | (0.11 | ) | $ | 0.11 | ||||||||||
| Discontinued operations | $ | (0.00 | ) | $ | 0.05 | $ | 0.01 | $ | (0.04 | ) | $ | 0.06 | $ | 0.16 | $ | (0.12 | ) | $ | 0.11 | |||||||||||||
| Net income (loss) per share — basic | $ | (0.10 | ) | $ | 2.17 | $ | (0.02 | ) | $ | (0.22 | ) | $ | (0.23 | ) | $ | 0.07 | $ | (0.23 | ) | $ | 0.22 | |||||||||||
| Income (loss) per share — diluted: (2) | ||||||||||||||||||||||||||||||||
| Continuing operations | $ | (0.09 | ) | $ | 1.97 | $ | (0.03 | ) | $ | (0.18 | ) | $ | (0.29 | ) | $ | (0.09 | ) | $ | (0.11 | ) | $ | 0.11 | ||||||||||
| Discontinued operations | $ | (0.00 | ) | $ | 0.05 | $ | 0.01 | $ | (0.04 | ) | $ | 0.06 | $ | 0.16 | $ | (0.12 | ) | $ | 0.11 | |||||||||||||
| Net income (loss) per share — diluted | $ | (0.10 | ) | $ | 2.01 | $ | (0.02 | ) | $ | (0.22 | ) | $ | (0.23 | ) | $ | 0.07 | $ | (0.23 | ) | $ | 0.22 |
| (1) | During the third quarter of fiscal 2018, we recognized a gain on divestiture of our WSS and PKI solutions of $658 million and an income tax benefit of $810 million as a result of the enactment of the Act. |
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| (2) | Net income (loss) per share amounts may not add due to rounding. |
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