What Credo's 18% Drop Was Not About

Credo Technology Group Holding delivered record Q1 revenue of $479M, up 114.7% YoY, and beat both internal and Wall Street estimates. CRDO maintained robust non-GAAP gross margins at 68% and raised full-year revenue growth guidance to over 85%, reaffirming its optical ramp for FY27. Despite strong fundamentals and an upgraded outlook, CRDO shares fell 18% post-earnings, widening the disconnect between business performance and market price.