On September 1, Credo Technology Group Holding Ltd fell 5.71% in after-hours trading to $190.00 per share, with turnover of approximately $46.09 million. The stock had already declined 5.69% during regular trading earlier in the session.

The company released its Q1 fiscal year earnings after the close. Heading into the report, consensus estimates called for revenue of approximately $470 million, representing year-over-year growth of around 146.6%, with adjusted earnings per share of $1.16. The company had previously guided Q1 revenue to a range of $465 million to $475 million. Last quarter, the company reported revenue of $437 million with a gross margin of 68.21% and a net margin of 38.70%.

On the sector front, optical communication leader Coherent saw its stock plunge over 8% following its own earnings release, weighing broadly on sentiment across the optical interconnect space. The persistent sector headwind compounded selling pressure on Credo heading into and following its earnings print.

Credo Technology provides high-speed copper cable and optical interconnect products for data infrastructure, serving hyperscale data centers and cloud infrastructure providers.

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