--- title: "Why Credo Technology Stock Skyrocketed 245% in 2024" type: "News" locale: "en" url: "https://longbridge.com/en/news/225052551.md" description: "Credo Technology's stock surged 245% in 2024, significantly outperforming major indices and competitors like Nvidia. The rise was driven by strong demand for its high-speed connectivity solutions in AI-enabled data centers. Key financial highlights include a 89% year-over-year revenue growth to $60.8 million in Q4 FY2024 and a 64% increase to $72 million in Q2 FY2025, surpassing analyst expectations. The company projects Q3 revenue between $115 million and $125 million, indicating continued strong growth. Investors are encouraged to monitor Credo's performance as it approaches its next earnings release in late February." datetime: "2025-01-15T12:42:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/225052551.md) - [en](https://longbridge.com/en/news/225052551.md) - [zh-HK](https://longbridge.com/zh-HK/news/225052551.md) generator: "portal-rs" --- # Why Credo Technology Stock Skyrocketed 245% in 2024 Shares of **Credo Technology** (CRDO 0.51%), which makes high-speed connectivity solutions for the data infrastructure market, skyrocketed 245% in 2024, according to data from S&P Global Market Intelligence. (In 2025, Credo stock is down 3.2% through Tuesday, Jan. 14.) For context, Credo stock's 2024 performance was nearly 10 times the **S&P 500** index's 25% return and more than 8 times the tech-heavy **Nasdaq Composite** index's return of 29.6%. Moreover, shares of Credo even outperformed those of the mighty artificial intelligence (AI) chip leader, **Nvidia**, whose shares soared 171% in 2024. Credo stock's main catalyst in 2024 was strong demand for its products for AI-enabled data centers. These data centers are growing rapidly to support the powerful demand for AI capabilities. ## Credo stock gained altitude as 2024 progressed Credo stock went nowhere for nearly the first five months of 2024. On May 29, it had a year-to-date gain of 3.9%, lagging the S&P 500's return of 11.1% over this period. On May 30, Credo stock jumped 27.1% following the release on the prior afternoon of its report for the fourth quarter of its fiscal year 2024 (ended April 27). The quarter's revenue grew 89% year over year to $60.8 million, in line with Wall Street's expectation. Adjusted net income was $11.8 million, or $0.07 per share, up from a loss of $0.04 per share in the year-ago period. That result surpassed the analyst consensus estimate of $0.05 per share. Credo stock moved in a mostly upward trajectory through Dec. 2. On Dec. 3, it rocketed up 47.8% following the company's release on the prior afternoon of its report for the second quarter of its fiscal year 2025 (ended Nov. 2, 2024). It was a super report with second-quarter results easily beating Wall Street's estimates and third-quarter revenue guidance crushing the analyst consensus estimate. Here are the highlights of the fiscal second quarter (guidance will be covered in the next section): - Revenue surged 64% year over year to $72 million, racing by the $66.5 million Wall Street had expected. - Product revenue increased 88% year over year to $64.4 million, accounting for 89% of total revenue. Product engineering services revenue grew 90% to $4.9 million, while intellectual property (IP) licenses revenue declined 60% to $3 million. - Net loss based on generally accepted accounting principles (GAAP) was $4.2 million, or $0.03 per share, a 25% improvement from the net loss of $0.04 per share in the year-ago period. - Adjusted net income was $12.3 million, which translated to earnings per share (EPS) of $0.07, up 600% from $0.01 in the year-ago period. This result topped the $0.05 analyst consensus estimate. ## Continued strong AI-driven growth on the radar For the fiscal third quarter, Credo management guided for revenue of $115 million to $125 million, which equates to growth of 161% to 184% year over year. This revenue guidance was likely the biggest driver behind Credo stock's incredible nearly 48% rise after the release of the fiscal Q2 report. It zoomed by Wall Street's expectation of $97.6 million, or growth of 122% year over year. If you're a growth investor, Credo stock is worth putting on your watch list. The company's next quarterly earnings release will probably be about late February. ### Related Stocks - [CRDO.US](https://longbridge.com/en/quote/CRDO.US.md) - [300322.CN](https://longbridge.com/en/quote/300322.CN.md) - [001279.CN](https://longbridge.com/en/quote/001279.CN.md) - [KEY.US](https://longbridge.com/en/quote/KEY.US.md) - [ING.US](https://longbridge.com/en/quote/ING.US.md) ## Related News & Research - [Credo to showcase optical, copper interconnect products at AI Infra Summit 2026](https://longbridge.com/en/news/298922722.md) - [Top Tech Executive Makes Major Move With Insider Stock Sale](https://longbridge.com/en/news/298540113.md) - [Credo Technology CTO Cheng Chi Fung disposes of $644,300 in common shares](https://longbridge.com/en/news/298508494.md) - [Credo Technology Risk Profile Unchanged: Investors Must Rely on May 2026 Form 10-K Disclosures](https://longbridge.com/en/news/297998236.md) - [7,351 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by SlateStone Wealth LLC](https://longbridge.com/en/news/288928631.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**