President and Chief Executive Officer at Keysight Technologies
Thank you, Jason. Good afternoon, everyone, thank you for joining us today. Keysight Technologies delivered another exceptional quarter with both revenue and EPS or earnings per share, exceeding the high-end of our guidance. Our outperformance reflects the effectiveness of our strategy, outstanding execution by our teams around the world, and the strength of our operating model.
Keysight's deep customer engagements with industry leaders and high-value differentiated solutions continue to drive broad-based demand across key technology mega trends. I will focus my comments today on three key headlines. First, outstanding execution by the Keysight teams around the world, resulted in an all-time record revenue and earnings per share as we saw some supply constraints ease as the quarter progressed. Second, we saw strong order growth and sustain demand across all end markets and regions. Third, we're once again raising our full year outlook. We now expect to achieve revenue growth approaching 9% and earnings per share growth of approximately 20% for the full fiscal year.
Let's now take a deeper look at our results for the quarter. Third quarter orders grew 12% to $1.46 billion and outpaced record revenue, which grew 10% to $1.38 billion, record EPS of $2.01 grew 31%. Orders and revenue growth in both business segments and across all regions is evidence of our ability to deliver value for customers as we manage macro and supply dynamics.
Software revenue achieved an all time high, outpacing total Keysight revenue growth, expanding our recurring revenue profile to further strengthen the durability of our business. Our software-centric solution strategy is a key differentiator in rapidly evolving design systems emulation and modeling environments. We recently introduced PathWave advanced design system 2023 to address growing complexity in ultra-high frequency designs. We also announced that Keysight's Open RAN solutions are moving to cloud-based deployment to support our customer's needs, as networks evolve to more software-enabled virtualized architectures.
Turning to our business segments. The Communications Solutions Group delivered all-time record revenue and record third quarter orders. Commercial communications achieved record revenue with growth across all industries segments and regions. Innovation dynamics across the communications ecosystem remained strong, driving demand for Keysight's comprehensive end-to-end portfolio for both the wireless and wireline ecosystems.
In wireless, 5G continues to represent an innovation rich environment for the industry. Our differentiated software-centric solutions enable customers to address the growing complexity of use cases, frequency band combinations, real world connectivity and mobility challenges. We continue to evolve our 5G platform to meet the requirements of emerging applications and newer versions of the standards.
In collaboration with Intel, Radisys, Vodafone and Wind River, we recently showcased an industry first demonstration, deploying Keysight's O-RAN solutions to help reduce power consumption in a multi-vendor Open RAN network. AI-Link, a provider of industrial IoT offerings used Keysight solutions for end-to-end performance validation of cloud native radio access network infrastructure. In wireline, we continue to see strong demand for 400 gig, 800 gig and photonics applications.
We recently collaborated with Nokia to demonstrate the first public 800 gig interoperability test, validating the robustness of ultra-high data rates in telco networks and data center environments for the expected increase in AI/ML network workloads. Record Q3 orders in aerospace, defense and government outpaced revenue, which grew 1% on a core basis versus a strong growth quarter last year.
Budget appropriations began to flow as reflected in prime contractor spending in the U.S., while 5G investment continued to grow to address new use cases such as radar and 5G coexistence. We also saw strong strength in satellite and space including new applications for non-terrestrial networks. Over the next several years, we expect this market will benefit from elevated investments in technology modernization.
The Electronics Industrial Solutions Group delivered double-digit order and revenue growth for the eighth consecutive quarter with momentum from continued investments in next generation technologies across automotive, industrial IoT and semiconductor end markets. In automotive, we are pleased with the continued broad adoption of our solutions portfolio with the business nearly doubling over the past two years. Orders grew strong double-digits for the sixth consecutive quarter and we delivered all-time record revenue.
Keysight's contributions to the advancement of EV and AV technologies which include vehicle intelligence, connectivity, power and security are fueling momentum with leading car manufacturers and helped us secure wins with gigafactories around the world.
Keysight's award winning radar's scene emulator is the only solution on the market to imitate realistic roadway scenarios in a lab environment and was chosen by leading U.S. auto manufacturer for testing and validation of autonomous drive systems. This quarter, we completed another tuck-in acquisition in the automotive space further adding to our software technology and technical staff focused on vehicle to everything communications. We continue to invest as we target evolving opportunities in the future of transportation.
In general electronics, we achieved double-digit order growth and all-time record revenue as investments continued in digital health, IoT and advanced research. In educational research, Keysight is partnering with global leaders such as Nanyang Technological University in Singapore to advance 6G technology. Together with Sauce Labs, our Eggplant business delivered artificial intelligence-driven testing of enterprise applications. The acceleration in our general electronics business reflects the broad scope of our portfolio of leading technology solutions.
Record orders for our semiconductor solutions resulted in ninth consecutive quarter of double-digit order growth driven by capacity expansion of mature foundries to address pent-up demand in the market and investments in advanced processes. Keysight's PathWave design solutions expands our collaboration with major foundries beyond parametric wafer test into emerging applications like silicon photonics and next-generation design and simulation applications.
While we continue to successfully execute our strategy, we recognize the near-term macroeconomic uncertainties. Keysight sustained performance over time is evidence of the resilience and durability of our business. Our resilience is an outcome of enduring partnerships with market-leading customers with early engagement to develop software-centric solutions that enable them to solve their most critical development challenges and achieve their first-to-market goals.
Durability is a product of our flexible operating model designed to quickly respond to variations in demand, while investing in critical long-term priorities. These strengths give us confidence that we can navigate uncertainties and continue to deliver superior results going forward. Of course, all of this is made possible by our talented people, steadfast execution by our teams, especially in a challenging environment is a proof that our Keysight leadership model delivers results empowering our inclusive and diverse culture which fosters collaboration, high-performance and innovation.
We recently released our first diversity, equity and inclusion report as we renewed and strengthened Keysight's longstanding commitment to DE&I and to being a great place to work for our global workforce of more than 14,000.
With that, I'll turn the call over to Neil to discuss our financial performance and outlook.