Credo Technology Group Holding Ltd (NASDAQ:CRDO) posted financial results for the first quarter of fiscal 2027 after the market close on Tuesday. Here’s a rundown of the connectivity solutions company’s report.
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Credo Q1 Highlights
Credo Technology reported first-quarter revenue of approximately $479 million, beating analyst estimates of $471.77 million. The company reported adjusted earnings of $1.20 per share for the quarter, beating estimates of $1.17 per share, according to Benzinga Pro.
Total revenue was up 114.7% year-over-year and up 9.6% sequentially. Gross margin came in at 64.5%, or 68% on an adjusted basis.
“Our portfolio now spans connectivity from millimeters to kilometers, with solutions across optics and copper. As AI infrastructure scales, we will continue to provide an innovative suite of reliable and energy-efficient connectivity solutions for the data center,” said Bill Brennan, president and CEO of Credo Technology.
Credo Technology exited the period with $764.3 million in cash and short-term investments.
Credo Technology expects second-quarter revenue to be in the range of $525 million to $535 million, versus estimates of $515.79 million. The company anticipates adjusted gross margin between 67% and 69% in the second quarter.
Credo Technology management will discuss the quarter on an earnings call scheduled for 5 p.m. ET.
CRDO Shares Fall After the Close
CRDO Price Action: Credo Technology shares were down 4.43% in Tuesday’s after-hours session, trading at $197.47 at the time of publication, according to Benzinga Pro.
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