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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