Penguin Solutions Inc. (NASDAQ:PENG) shares are trading higher Wednesday after the company announced better-than-expected third-quarter financial results on Tuesday after the market closed.
- Penguin shares are trending higher. Why are PENG shares climbing?
Q3 Highlights
Penguin reported adjusted earnings per share of 84 cents, beating the consensus estimate of 54 cents. In addition, it reported revenue of $478.71 million, beating the consensus estimate of $405.53 million.
“Penguin Solutions delivered a record quarter, exceeding expectations for both net sales and EPS. This profitable growth acceleration reinforces our confidence that our AI Factory Platform strategy is working,” said Kash Shaikh, CEO of Penguin.
“Integrated Memory net sales more than doubled year over year, and our AI Infrastructure business continued to build momentum, reflecting strong demand and execution across our memory and AI Infrastructure portfolio.”
The company added four new AI Infrastructure customer logos in Q3 and was recognized as an NVIDIA AI Factory Specialized Partner during the quarter.
Guidance
Penguin raised its fiscal-year adjusted earnings per share guidance from $2.30 to between $2.55 and $2.65, versus the consensus estimate of $2.23. In addition, it raised its fiscal-year revenue guidance from $1.60 billion to between $1.64 billion and $1.69 billion, versus the consensus estimate of $1.55 billion.
Penguin Shares Rise
PENG Price Action: At the time of publication, Penguin shares are trading 3.57% higher at $64.95, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
