Credo Technology Group Holding Ltd. (NASDAQ:CRDO) shares soared after the company released its second-quarter earnings report after Monday's closing bell, beating estimates on the top and bottom lines.
Here's a look at the details in the report.
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The Details: Credo reported quarterly adjusted earnings of 67 cents per share, which beat the analyst estimate of 49 cents by 36.18%.
Quarterly revenue came in at $268.03 million, which beat the consensus estimate of $234.92 million and was up from revenue of $72.03 million from the same period last year.
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“In the second quarter, Credo delivered revenue of $268 million, an increase of 20% sequentially and an extraordinary 272% increase year-over-year. These are the strongest quarterly results in Credo’s history, and they reflect the continued build-out of the world’s largest AI training and inference clusters,” Credo CEO Bill Brennan stated.
Outlook: Credo sees third-quarter revenue in a range of $335 million to $345 million, versus the $247.04 million analyst estimate.
CRDO Stock Price: According to data from Benzinga Pro, Credo stock climbed 15.70% to $197.99 in Monday's extended trading.
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