Shares of $Credo Technology (CRDO.US)$ were trading more that 27% higher after-the-bell Monday following the release of its Q2 earnings.
The company, which provides high-speed, efficient connectivity solutions that break bandwidth barriers in data infrastructure, reported quarterly earnings of $0.07 per share which beat the analyst consensus estimate of $0.05 by 40%.
The company reported quarterly sales of $72.000 million which beat the analyst consensus estimate of $66.789 million by 7.80%. This is a 63.51% increase over sales of $44.035 million the same period last year.
“In the fiscal second quarter ended November 2, 2024 Credo generated record revenue of $72.0 million, up 21% sequentially and 64% year over year. The second quarter was our most successful to date across our three main product lines and Credo delivered total product revenue of $69.1 million," said Bill Brennan, Credo’s President and Chief Executive Officer.
"For the past few quarters, we have anticipated an inflection point in our revenues during the second half of fiscal 2025. I am pleased to share that this turning point has arrived, and we are experiencing even greater demand than initially projected, driven by AI deployments and deepening customer relationships.”
