Credo shares surge after 64% jump in revenue, narrowed quarterly loss

Investing.comDec 2, 2024 10:04 PM

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Investing.com -- Credo Technology Group Holding Ltd (NASDAQ:CRDO) on Monday reported a 64% surge in second-quarter revenue, driven by robust demand for its connectivity solutions fueled by increasing AI deployments. The company also narrowed its quarterly loss

Credo's shares soared 31% in after-market trading.

The cable maker posted revenue of $72 million for the quarter ended Nov. 2, a substantial year-over-year increase. Its GAAP net loss was trimmed to $0.03 per share, compared to a loss of $0.04 per share in the same period a year earlier.

Credo is projecting third-quarter revenue between $115 million and $125 million, with GAAP gross margin expected to range from 60.6% to 62.6%. The company anticipates operating expenses of $58.6 million to $60.6 million on a GAAP basis.

Shares of the company were up 31% in the aftermarket trading.

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