SGH Shares Down 16% Following Earnings, Revenue Beat

By Sam Boughedda — Smart Global Holdings Inc (NASDAQ:) shares fell 18% on Wednesday following its first quarter 2022 earnings report on Tuesday evening.

SGH announced earnings per share of $2.16 on revenue of $469.94 million. Analysts polled by anticipated EPS of $2 on revenue of $460.06 million.

Net sales were up 61% compared to the same period last year.

“We continued our strong momentum into the first quarter of fiscal 2022, achieving record revenue and non-GAAP gross margins, while delivering non-GAAP earnings per share at the upper end of our EPS guidance range,” said CEO Mark Adams.

In addition, the company also announced a two-for-one share split via a share dividend of one ordinary share for every one ordinary share owned. The share dividend will be paid on Feb. 1.

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