Credo Technology Group Holding Ltd · Q2 2024 earnings

Briefing

Reported revenue growth and mixed profitability due to share-based compensation.

Credo Technology Group reported a 25% quarter-over-quarter revenue growth, reaching $44.0 million. The company's GAAP net loss was $6.6 million, or $0.04 per share, while non-GAAP net income was $1.2 million, or $0.01 per share. The GAAP gross margin was 59.3%, and the non-GAAP gross margin was 59.9%.

• Revenue reached $44.0 million, a 25% increase quarter-over-quarter.
• GAAP gross margin was 59.3%, with a non-GAAP gross margin of 59.9%.
• GAAP net loss was $6.6 million, while non-GAAP net income was $1.2 million.
• Cash, cash equivalents, and short-term investments totaled $240.5 million.

Headline financials

Revenue & EPS history

Credo anticipates revenue between $51.0 million and $53.0 million for the next quarter. GAAP gross margin is expected to be between 58.8% and 60.8%, while non-GAAP gross margin is projected to be between 59.0% and 61.0%. GAAP operating expenses are estimated 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.