Why Credo Technology Stock Rose This Week
Shares of Credo Technology (NASDAQ: CRDO) beat the market this week, rising 6% through Thursday trading. That's as compared to a flat overall market, according to data provided by S&P Global Market Intelligence. The rally added to modest gains for the high-speed data solutions specialist so far in 2023. The stock is up 12%, trailing the S&P 500 index's rally by just a few percentage points. Yet Credo Technology had been down by as much as 50% earlier in the year.
This week's rally was sparked by positive news on the earnings front, along with bullish comments from Credo's management team about demand trends for the rest of its fiscal year.
Management said on Thursday that Q1 sales landed at $35 million for the period that ran through late July. That result translated into a 9% increase year over year and marked a sharp improvement over the prior quarter, when sales were down 15%. Management credited the company's unique market position, plus increasing demand for high-speed connectivity solutions, for lifting its results.
Source Fool.com
