Credo Technology Group Holding forecast fourth-quarter revenue well below estimates on Tuesday following a cut in orders from the cable maker's largest customer, sending its shares down as much as 43 per cent on Wednesday.The stock, which fell to $11.07, is set for its worst day since going public in Janu
Credo Technology Group Holding forecast fourth-quarter revenue well below estimates on Tuesday following a cut in orders from the cable maker's largest customer, sending its shares down as much as 43 per cent on Wednesday.
Although the company did not disclose the name of the customer, Cowen analysts said they believed it was Microsoft Corp, which owns Azure, one of the biggest cloud services providers in the world. Credo, which makes cables used in data centers, said it was expecting fourth-quarter revenue of $30 million to $32 million, below estimates of $58.3 million, according to Refinitiv data.
At least five brokerages cut their price target on the stock. Cowen slashed it the most by $7 to $11 and downgraded the stock to"market perform" from"outperform".
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