Shares of electronic components manufacturer SMART Global Holdings (NASDAQ: SGH) closed up 17.8% today, pushed higher by fiscal third-quarter results posted after Tuesday's close, and further buoyed by bullish comments from research outfit Jefferies (NYSE: JEF) .
For the quarter ending in May, SMART Global turned $437.7 million worth of revenue into operating income of $35.5 million. That top line was 56% higher year over year in comparison to the first COVID-crimped quarter, shrugging off the current chip shortage . Adjusted per-share earnings of $1.39 were up nearly 100% for the same reason. Notably, last quarter's top and bottom lines beat expectations of $415 million and $1.09 per share, respectively. Company-supplied guidance says the current quarter's numbers are expected to grow comparably.
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Here's Why SMART Global Holdings Stock Gained 18% on Wednesday