Credo Technology Group Holding L (CRDO) said after close Wednesday that it earned $0.01 per share in quarter two 2024. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $44 million, beating estimates by $1.3 million.
In the same quarter a year ago, the company earned $0.02 per share on revenue of $51.4 million.
The stock is down 4.94% to $18.30 after the report.
Credo Technology Group Holding L's profit margins took a hit as earnings fell at a faster pace than revenues.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Credo Technology Group Holding L a Bullish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 65. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Credo Technology Group Holding Ltd delivers high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. It provides innovative, secure, high-speed connectivity solutions that delivers improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market.
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Credo Technology Group Holding L Down 4.94% To $18.30 After Earnings Beat
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