Why SMART Global Is Soaring Today

Shares of computer component company SMART Global Holdings (NASDAQ: SGH) are up nearly 16% as of mid-day Wednesday in response to solid fiscal fourth-quarter results posted after Tuesday's close.

For the three-month stretch ending in late August, SMART Global Holdings turned $467.7 million worth of revenue into operating income of $31.7 million, or non-generally accepted accounting principles (GAAP) earnings of $2.16 per share. Both were marked improvements from the COVID-crimped comparable quarter a year earlier when the company only earned $0.82 per share on sales of $297.0 million. More importantly, last quarter's top and bottom lines both topped their estimates of $461.3 million and $1.60 per share, respectively.

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Source Fool.com