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Credo Technology Group Holding Ltd. Reports Record First Quarter Revenue and Growth Guidance

Credo Technology Group Holding Ltd. reported first-quarter revenue of $479.0 million, exceeding the consensus estimate of $473.30 million to $475.7 million. The company's non-GAAP diluted earnings per share reached $1.20, surpassing the expected $1.17. Chief executive Bill Brennan stated that the company's portfolio now spans connectivity from millimeters to kilometers, covering solutions across optics and copper. He highlighted that optical DSP revenues reached a record in the quarter, while AECs remain the company's largest business. Chief financial officer Daniel Fleming provided guidance for the second quarter, projecting revenues between $525 million and $535 million. He also projected fiscal 2027 revenues to grow more than 85% year-over-year. The company's stock price fell 11.09% in premarket trading following the report. Despite the revenue growth, GAAP operating expenses more than doubled to $88.4 million, and GAAP gross margin fell to 64.5% from 67.4% a year earlier.

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