- Credo Technology Group Holding Ltd’s (NASDAQ:CRDO) largest customer has reduced its demand forecast for certain Credo products for reasons Credo understands are unrelated to Credo’s performance.
- Credo does not expect its market share with the customer to remain intact.
- Due to the reduction and macroeconomic headwinds, Credo now expects fourth-quarter revenue of $30 million – $32 million (consensus $55.1 million). Also, Credo expects flat FY23 revenue year-on-year.
- From a projected low point in Q4 FY23 or Q1 FY24, Credo expects to see sequential growth during FY24.
- Credo’s long-term financial model remains unchanged. In addition, Credo is managing its operating expenses to support future revenue growth and profitability.
- Credo believes fundamental technology trends in its industry remain consistent. Credo’s customers and ecosystem partners continue to require increasing bandwidth, power efficiency, and collaborative problem-solving to meet their expected connectivity needs.
- Based on Credo’s customer and partner engagements, Credo remains enthusiastic about the prospects and growth opportunities for its connectivity solutions.
- Price Action: CRDO shares traded lower by 44.90% at $10.69 on the last check Wednesday.
Atmos Energy Raises FY24 EPS Guidance From $6.45-$6.65 To $6.70-$6.80 Vs $6.60 Est.
OutlookFiscal 2024 earnings per diluted share guidance raised to the range of $6.70 - $6.80 from $6.45 - $6.65 per diluted share.Fiscal 2024 capital expenditure guidance increased to approximately $3.1 billion.The
