Credo Technology Group Holding Ltd. shares plunged 20.04% after fiscal 2027 first-quarter revenue and non-GAAP earnings exceeded company guidance and analyst estimates, before edging 0.05% lower to $165.13 in Thursday premarket trading. Revenue reached $479 million, up 114.7% year over year, and non-GAAP earnings were $1.20 per share, but GAAP gross margin fell to 64.5% and operating expenses more than doubled to $188.4 million. Credo forecast fiscal second-quarter revenue of $525 million to $535 million and expects fiscal 2027 revenue growth above 85%, with optical revenue exceeding $600 million.