Credo Technology Stock Surges on Strong Quarterly Results
Credo Technology's stock soared over 14% this week following impressive fiscal first-quarter results. Revenue nearly quadrupled year-over-year to $233 million, with product sales skyrocketing to $217 million from $57 million in the prior-year period. IP licensing revenue also ROSE to $6 million from $2.4 million.
The company outperformed analyst expectations, which had projected revenue below $191 million. Adjusted profitability reached $98.3 million ($0.52 per share), up from $65.3 million in the same quarter last year.
The data center equipment sector is experiencing unprecedented demand as operators race to build infrastructure capable of supporting artificial intelligence applications. Credo appears well-positioned to capitalize on this industry boom.
