tiprankstipranks
SMART Global (NASDAQ: SGH) Plunges as Q4 Results Disappoint
Market News

SMART Global (NASDAQ: SGH) Plunges as Q4 Results Disappoint

Story Highlights

SMART Global Holdings plummets as Q4 results left investors disappointed.

Shares of enterprise solutions provider SMART Global Holdings (NASDAQ: SGH) plunged in pre-market trading after the company reported adjusted earnings of $0.35 per share. This was below Street estimates of $0.46 per share and significantly lower than the previous year’s figure of $0.63.

Pick the best stocks and maximize your portfolio:

The company’s net sales declined by 12.6% year-over-year to $316.7 million and missed analysts’ forecasts of $375.03 million.

SMART Global Holdings’ CEO, Mark Adams commented that despite the “challenging global economic environment,” adjusted gross margin increased to 31.7%, an improvement of 460 basis points year-over-year. Adams added, “In addition, we exited the fourth quarter with a strong balance sheet, including cash, cash equivalents, and short-term investments of $391 million.”

SGH Stock Price Performance

Overall, SGH stock has surged by more than 50% year-to-date. None of the Wall Street analysts have covered the stock over the past three months.

Related Articles
TheFlyOne new option listing and one option delisting on October 15th
Jason CarrSGH Upcoming Earnings Report: What to Expect?
TheFlyCree LED partners with IDC Componentes, Ilumiled
Go Ad-Free with Our App