On August 24, Credo Technology Group Holding Ltd announced its financial results for the first quarter of fiscal year 2024 ended July 29, 2023 .
Credo reported revenue of $35.1 million for the quarter, up 9% sequentially; GAAP gross margin of 59.2% and non-GAAP gross margin of 59.8%; GAAP operating expenses of $35.2 million and non-GAAP operating expenses of $27.4 million; GAAP net loss of $11.7 million and non-GAAP net loss of $4.7 million; GAAP diluted net loss per share of $0.08 and non-GAAP diluted net loss per share of $0.03; and ending cash and short-term investment balance of $237.6 million.
Bill Brennan, Credo's President and Chief Executive Officer, said, "Credo reported revenues of $35.1 million for the fiscal quarter ended July 29, 2023, an increase of 9% from the prior year quarter.Credo is a market leader in high-speed connectivity solutions, and the technology is evolving towards high-bandwidth solutions with higher network densities which plays to our strengths. As a result, we continue to expect sequential growth throughout fiscal 2024. We believe our growth will be led by multiple customers across our range of connectivity solutions, which will lead to more diversified revenues by fiscal 2024."
Credo expects second quarter fiscal 2024 revenue to be in the range of $42 million to $44 million; GAAP gross margin to be in the range of 57.8% to 59.8% and non-GAAP gross margin to be in the range of 58.0% to 60.0%; and GAAP operating expenses to be in the range of $35 million to $37 million, and non-GAAP operating expenses to be in the range of $27 million to 29 million dollars.
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