Credo Technology: largest customer cuts demand; Q4 FY23 revenue guidance $30-32M; FY24 flat YoY

Credo Technology Group Holding Ltd

Largest customer reduced demand forecast for certain Credo products (unrelated to performance); market share expected unaffected.
Q4 FY23 revenue guidance lowered to $30M-$32M due to customer reduction and macroeconomic headwinds.
FY24 revenue expected flat vs. FY23; sequential growth projected after low point in Q4 FY23 or Q1 FY24.
Long-term financial model unchanged; managing OpEx to support future revenue growth and profitability.

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