Cray Earnings: Here’s Why the Stock is Falling 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 1.08%.
Cray Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.19 in the quarter versus EPS of $3.91 in the year-earlier quarter.
Revenue: Rose 0.38% to $84.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cray Inc. reported adjusted EPS loss of $0.19 per share. By that measure, the company beat the mean analyst estimate of $-0.2. It beat the average revenue estimate of $79.75 million.
Quoting Management: “We had a good second quarter, with continued progress across each of our different product offerings, and we ended the first half of the year ahead of our revenue track,” said Peter Ungaro, president and CEO of Cray. “Our supercomputing business continues to be strong, highlighted by several exciting new wins around the world in the last few months, including flagship wins at both the European Centre for Medium-Range Weather Forecasts and the ARCHER project for the UK national supercomputing facility. In big data, we recently launched our Cray Cluster Connect offering, a complete, end-to-end high performance storage solution for any x86 Linux cluster. On the analytics front, we had a number of exciting wins in our YarcData group, signing up new customers across several of our key market segments for our Urika real-time data discovery platform. We’re in a strong competitive position right now and I’m really excited about the momentum we’ve built throughout our business. With an increase to our outlook today, we’re anticipating strong revenue growth of more than 20% for the year and solid profitability.”
Key Stats (on next page)…