SGH reports Q1 adjusted EPS 24c vs 75c last year

Reports Q1 revenue $274.2M, down 30% year-over-year. “We are pleased with the progress we are making on our transformation journey, marked by the strategic divestiture of our Brazil business and another quarter of record non-GAAP gross margins reflecting the continued shift to higher value enterprise solutions,” commented CEO Mark Adams. “Additionally, we ended our first quarter with record cash and short term-investments of $553 million, allowing us to continue investing strategically in AI, developing products based on advanced memory technologies and strengthening CreeLED’s portfolio to enable future long term growth,” concluded Adams.