Credo Technology Group reported revenue of $35.1 million for its first quarter of fiscal year 2024, ended July 29, 2023, up by 9% quarter over quarter. GAAP gross margin was 59.2% and non-GAAP gross margin was 59.8%.
Bill Brennan, Credo’s President and Chief Executive Officer, stated, “For the fiscal quarter ended July 29, 2023, Credo reported revenue of $35.1 million, an increase of 9% compared to the prior quarter. Credo’s position as a market leader for high speed connectivity solutions has been years in the making, and the technology acceleration towards high bandwidth solutions with more networking density plays into 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 would result in a more diversified revenue base as we exit fiscal 2024.”
