Credo Technology Group Holding Ltd (NASDAQ:CRDO) on Tuesday posted better-than-expected financial results for the first quarter of fiscal 2027.

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.

"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 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 shares fell 10.3% to $185.32 in pre-market trading.

These analysts made changes to their price targets on Credo Technology following earnings announcement.

  • B of A Securities analyst Vivek Arya maintained the stock with a Buy and lowered the price target from $340 to $275.
  • Rosenblatt analyst Mike Genovese maintained the stock with a Neutral and raised the price target from $215 to $235.

Considering buying CRDO stock? Here’s what analysts think:

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