Credo Technology Q1 Earnings In-Line, Revenue Tops Estimates
2022.08.31 23:50
By Yasin Ebrahim
Investing.com – Credo Technology reported Wednesday fiscal first-quarter profit that was in line, and revenue that topped Wall Street estimates, driven by strong product revenue.
Credo Technology (NASDAQ:CRDO) fell 2% in afterhours trading following the report.
The company reported earnings of 3 cents a share, in line with analysts’ estimates, while revenue of $46.5 million was ahead of expectations of $45.7 million.
The beat on the top line was supported by a jump in product revenue to $35.3 million from $7.3 million last year.
Looking ahead to the fiscal second quarter, the company guided revenue in a range of $48.5 million to $52.5 million, in line with estimates for $49.2 million. For the full-year, revenue guidance of at least $200 million was maintained.
