Press release
Credo Technology Group Holding Ltd Reports First Quarter of Fiscal Year 2024 Financial Results
SAN JOSE, Calif., Aug. 24, 2023 (GLOBE NEWSWIRE) -- Credo Technology Group Holding Ltd (NASDAQ: CRDO), an innovator in providing secure, high-speed
About this update from Credo Technology Group Holding Ltd
[{"type":"text","content":"SAN JOSE, Calif., Aug. 24, 2023 (GLOBE NEWSWIRE) -- Credo Technology Group Holding Ltd (NASDAQ: CRDO), an innovator in providing secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase throughout the data infrastructure market, today reported financial results for the first quarter of fiscal year 2024, ended July 29, 2023. First Quarter of Fiscal Year 2024 Financial Highlights Revenue of $35.1 million, grew by 9% quarter over quarterGAAP gross margin of 59.2% and non-GAAP gross margin of 59.8%GAAP operating expenses of $35.2 million and non-GAAP operating expenses of $27.4 millionGAAP net loss of $11.7 million and non-GAAP net loss of $4.7 millionGAAP diluted net loss per share of $0.08 and non-GAAP diluted net loss per share of $0.03Ending cash and short-term investment balance of $237.6 million Management Commentary Bill Brennan, Credo’s President and Chief Executive Officer, stated, “For the fiscal quarter ended July 29, 2023, Credo reported revenue of $35.1 million, an increase of 9% compared to the prior quarter. Credo’s position as a market leader for high speed connectivity solutions has been years in the making, and the technology acceleration towards high bandwidth solutions with more networking density plays into our strengths. As a result, we continue to expect sequential growth throughout fiscal 2024. We believe our growth will be led by multiple customers across our range of connectivity solutions, which would result in a more diversified revenue base as we exit fiscal 2024.” Second Quarter of Fiscal 2024 Financial Outlook Revenue is expected to be between $42.0 million and $44.0 millionGAAP gross margin is expected to be between 57.8% and 59.8%, and non-GAAP gross margin is expected to be between 58.0% and 60.0%GAAP operating expenses are expected to be between $35.0 million and $37.0 million, and non-GAAP operating expenses are expected to be between $27.0 million and $29.0 million Conference Call Credo will conduct a conference call on Thursday, August 24, 2023, at 1:15 p.m. Pacific Time to discuss its financial results for the first quarter of fiscal year 2024, ended July 29, 2023. Interested parties may join the conference call by registering online at https://register.vevent.com/register/BI9d21771adfe649c38581fce7...