Cray Earnings: Here’s Why the Stock is Down Now
Cray Inc. (NASDAQ:CRAY) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.94%.
Cray Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.23 in the quarter versus EPS of $0.13 in the year-earlier quarter.
Revenue: Decreased 29.21% to $79.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cray Inc. reported adjusted EPS loss of $0.23 per share. By that measure, the company beat the mean analyst estimate of $-0.24. It beat the average revenue estimate of $70.33 million.
Quoting Management: “We had a solid first quarter,” said Peter Ungaro, president and CEO of Cray. “In HPC, our latest generation XC30 supercomputer is off to a strong start with a number of big wins and is shipping to customers around the world, and our new CS300 cluster is gaining traction. In Big Data, our storage and graph analytics offerings are continuing to make progress in this fast growing market. While we have a lot of work left to do in order to achieve our outlook, we remain on track to deliver strong revenue growth and I’m excited about our prospects for the rest of the year.”
Key Stats (on next page)…