Press release
Credo Technology Group Holding Ltd Reports Second Quarter of Fiscal Year 2024 Financial Results
SAN JOSE, Calif., Nov. 29, 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., Nov. 29, 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 second quarter of fiscal year 2024, ended October 28, 2023. Second Quarter of Fiscal Year 2024 Financial Highlights Revenue of $44.0 million, grew by 25% quarter over quarterGAAP gross margin of 59.3% and non-GAAP gross margin of 59.9% GAAP operating expenses of $35.0 million and non-GAAP operating expenses of $27.1 millionGAAP net loss of $6.6 million and non-GAAP net income of $1.2 millionGAAP diluted net loss per share of $0.04 and non-GAAP diluted net income per share of $0.01Ending cash, cash equivalents and short-term investment balance of $240.5 million Management Commentary Bill Brennan, Credo’s President and Chief Executive Officer, stated, “For the second fiscal quarter ended October 28, 2023, Credo reported revenue of $44.0 million, representing 25% growth compared to the prior quarter. Going forward, we expect continued growth and diversity across our family of connectivity solutions and customer base. We remain enthusiastic about our business given the market demand for exponentially increasing bandwidth. This plays directly to Credo’s strengths and we are one of few companies providing the necessary breadth of connectivity solutions at these speeds while also optimizing for energy efficiency and system cost.” Third Quarter of Fiscal 2024 Financial Outlook Revenue is expected to be between $51.0 million and $53.0 millionGAAP gross margin is expected to be between 58.8% and 60.8%, and non-GAAP gross margin is expected to be between 59.0% and 61.0%GAAP operating expenses are expected to be between $37.0 million and $39.0 million, and non-GAAP operating expenses are expected to be between $28.0 million and $30.0 million Conference Call Credo will conduct a conference call on Wednesday, November 29, 2023, at 1:30 p.m. Pacific Time to discuss its financial results for the second quarter of fiscal year 2024, ended October 28, 2023. Interested parties may join the conference call by registering online at https://register.vevent.com/register/BI1fb083d222464429bc4d...