Credo Technology reports in-line Q1 earnings, shares fall 3%

SAN JOSE, Calif. - Credo Technology Group Holding Ltd (NASDAQ:CRDO ) reported first-quarter fiscal 2025 results that met expectations, but shares fell 3.6% in after-hours trading.

The high-speed connectivity solutions provider posted adjusted earnings per share of $0.04, in line with analyst estimates. Revenue came in at $59.7 million, slightly above the consensus of $59.48 million and up 70% YoY.

Credo's product revenue reached a record $57.3 million in Q1, increasing 30% sequentially. CEO Bill Brennan attributed the growth to "customers' AI infrastructure deployments" and expects contributions from the company's "entire suite of innovative, power and cost-efficient, high-speed connectivity solutions" going forward.

For the second quarter, Credo forecasts revenue between $65 million and $68 million, above the analyst consensus of $64.91 million.

"Our customers' AI infrastructure deployments remain the catalyst for our recent and expected growth," Brennan stated.

The company ended the quarter with $398.6 million in cash and short-term investments.

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Source: Investing.com