Revenue for the second quarter of 2016 was $100.2 million, which compares with $186.2 million in the second quarter of 2015. Net loss for the second quarter of 2016 was $13.1 million, or $0.33 per diluted share, compared to net income of $5.8 million, or $0.14 per diluted share in the second quarter of 2015. Non-GAAP net loss was $11.4 million, or $0.29 per diluted share for the second quarter of 2016, compared to non-GAAP net income of $12.4 million, or $0.30 per diluted share for the same period of 2015.
Overall gross profit margin on a GAAP and non-GAAP basis for the second quarter of 2016 was 36%, compared to 27% for the second quarter of 2015.
Operating expenses for the second quarter of 2016 were $51.8 million, compared to $40.0 million for the second quarter of 2015. Non-GAAP operating expenses for the second quarter of 2016 were $49.0 million, compared to $37.3 million for the second quarter of 2015. GAAP and non-GAAP operating expenses for the second quarter of 2016 included approximately $2.3 million associated with the Company's exercising of an early lease termination option.
As of June 30, 2016, cash, investments and restricted cash totaled $224 million. Working capital decreased at the end of the second quarter of 2016 to $381 million compared to $418 million at the end of the first quarter.
Peter Ungaro, president and CEO of Cray, stated: "While we had a number of exciting product launches in the second quarter, the drop in our revenue expectations for the second half of the year due to recent developments is extremely disappointing. However, I do not believe that our leadership position in the market has changed. We remain confident in our strategy, competitive position and our ability to drive growth into the future."
For 2016, while a wide range of results remains possible, the company now expects revenue to be in the range of $650 million. The change in the company's revenue outlook was driven by the level and timing of new orders and the delays of key third-party components, the risks of which were outlined last quarter, as well as a very recent electrical smoke event caused by a failed manufacturing facility power component that will delay the company's ability to deliver on some customer contracts in 2016, including an impact on anticipated third quarter revenue. Revenue for the third quarter is anticipated to be in the range of $80 million. GAAP and Non-GAAP gross margin for the year is expected to be in the range of 34%. Non-GAAP operating expenses for the year are anticipated to be about $200 million. For 2016, GAAP operating expenses are anticipated to be about $12 million higher than non-GAAP operating expenses, and GAAP gross profit is expected to about $1 million lower than non-GAAP gross profit. Based on this outlook, the company expects to be profitable on a GAAP and non-GAAP basis for 2016.
Given the company's updated outlook for 2016, the effective GAAP and non-GAAP tax rates for the year are now expected to be about 6% and 30%, respectively, but are subject to significant variability.
Actual results for any future periods are subject to large fluctuations given the nature of Cray's business.
Recent highlights include the following: