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SAN JOSE, Calif. - Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw its shares jump 8.2% in after-hours trading Tuesday after the connectivity solutions provider reported fiscal third-quarter results that exceeded Wall Street expectations and issued an optimistic outlook.
The company posted adjusted earnings of $0.25 per share for the quarter ended February 1, 2025, surpassing the analyst consensus of $0.18. Revenue soared 154.4% YoY to $135 million, well above estimates of $120.29 million.
Credo’s CEO Bill Brennan noted the company achieved "record revenue in the third quarter, driven by our AEC product line, as we experienced the inflection point in our business that we had expected."
Looking ahead, Credo forecast fourth-quarter revenue between $155 million and $165 million, topping the $136.3 million consensus. The company expects non-GAAP gross margin of 63% to 65%.
"Going forward, we expect continued growth across our product lines and customer base as market demand for innovative connectivity solutions continues to grow," Brennan added.
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