Credo Technology Surges on Earnings Beat and Patent Deal
Credo Technology Group's stock soared over 13% in early trading after reporting fiscal Q2 revenue of $268.03 million, nearly quadruple last year's figures. The company crushed analyst estimates with earnings per share of $0.67, beating expectations by 36.73%. This marks the fourth consecutive quarter of earnings surprises.
The connectivity solutions provider simultaneously announced a strategic licensing agreement with The Siemon Company for its active electrical cable technology patents. Year-to-date, Credo shares have skyrocketed 164.3%, dramatically outpacing the S&P 500's 16.5% gain.
Market analysts project ambitious growth trajectories, forecasting $1.0 billion in revenue and $314.5 million in earnings by 2028. This WOULD require sustained annual revenue growth of 33.8%, reflecting strong confidence in Credo's technological portfolio and market position.
