Smart Global Holdings falls on Q2 results miss, dour outlook

Penguin Solutions

05/04/2023 13:28

** Shares of semiconductor co Smart Global Holdings Inc
 SGH.O  down 2.5% at $16.12 premarket 
        ** Expects Q3 net sales in the range of $375 mln, up or
down $20 mln, vs Wall Street estimates of $387 mln 
    ** Posts Q2 GAAP loss of $0.55/share missing analysts'
estimates of a profit of $0.15/shr- Refinitiv  
    ** Records quarterly sales of $429 mln vs expectations of
$434.93 mln 
    ** Co remains "disciplined in managing our expenses given
the continued challenging economic environment" - CEO Mark Adams
    ** 6 of 6 brokerages rate the stock "buy" or higher; their
median PT is $22.50
    ** As of last close, SGH was up 11.09% YTD 

 (Reporting By Akshita Toshniwal)
 ((Akshita.Toshniwal@thomsonreuters.com))