Investing.com — Credo Expertise Group Holding Ltd (NASDAQ:) on Monday reported a 64% surge in second-quarter income, pushed by sturdy demand for its connectivity options fueled by growing AI deployments. The corporate additionally narrowed its quarterly loss
Credo’s shares soared 31% in after-market buying and selling.
The cable maker posted income of $72 million for the quarter ended Nov. 2, a considerable year-over-year enhance. Its GAAP web loss was trimmed to $0.03 per share, in comparison with a lack of $0.04 per share in the identical interval a yr earlier.
Credo is projecting third-quarter income between $115 million and $125 million, with GAAP gross margin anticipated to vary from 60.6% to 62.6%. The corporate anticipates working bills of $58.6 million to $60.6 million on a GAAP foundation.
Shares of the corporate have been up 31% within the aftermarket buying and selling.
