Credo Technology tumbles after issuing mediocre guidance

Credo Technology Group is plummeting 17% in early trading after its solid Q3 results released after the close on Monday weren’t enough to offset a ho-hum outlook for the current quarter.

For Q3, the connectivity solutions company posted:

Revenues of $407 million (estimate: $406.4 million).
Adjusted earnings per share of $1.07 (estimate: $0.92).

However, for Q4, management said sales would range between $425 million and $435 million, the midpoint of which is modestly below Wall Street’s call for $430.5 million.

Shares of Credo had spiked earlier this month when management released preliminary Q3 figures and signaled that its rapid sales growth would continue.

A trio of Wall Street analysts trimmed their price targets on Credo in the wake of these results:

to $125 from $170 at Rosenblatt,
to $160 from $200 at BofA, and
to $170 from $230 at Susquehanna.

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Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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