Press release
Credo Technology Group Holding Ltd Reports Third Quarter of Fiscal Year 2023 Financial Results
SAN JOSE, Calif., March 01, 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., March 01, 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 third quarter of fiscal year 2023, ended January 28, 2023. Third Quarter of Fiscal Year 2023 Financial Highlights Revenue of $54.3 million, grew by 6% quarter over quarterGAAP gross margin of 58.9% and non-GAAP gross margin of 59.3% GAAP operating expenses of $34.9 million and non-GAAP operating expenses of $25.7 millionGAAP net income of $2.8 million and non-GAAP net income of $7.5 millionGAAP diluted net income per share of $0.02 and non-GAAP diluted net income per share of $0.05Ending cash and short-term investment balance of $233.0 million Management Commentary Bill Brennan, Credo’s President and Chief Executive Officer, stated, “In the fiscal quarter ended January 28, 2023, Credo achieved revenue of $54.3 million, an increase of 71% year over year and 6% compared to the prior quarter. Going forward, Credo is focused on the large market opportunity afforded us by our differentiated solutions. We remain committed to close customer collaboration, continued innovation, and expansion of our solution portfolio to address the ever-increasing needs for higher bandwidth and more power efficient connectivity solutions.” Fourth Quarter of Fiscal 2023 Financial Outlook Revenue is expected to be between $30.0 million and $32.0 millionGAAP gross margin is expected to be between 55.8%-57.8% and non-GAAP gross margin is expected to be between 56.0%-58.0%GAAP operating expenses are expected to be between $32.8 million and $34.8 million; and non-GAAP operating expenses are expected to be between $26.0 million and $28.0 million Conference Call Credo will conduct a conference call on Wednesday, March 1, 2023, at 2:00 p.m. Pacific Time to discuss its financial results for the third quarter of fiscal year 2023, ended January 28, 2023. Interested parties may join the conference call by registering online at https://register.vevent.com/register/BI31a81424c15248d480b63743ff62bf5e. After registering, a confirmation will be sent through email, including dial-in details and unique conferenc...