Shares of upstart chip designer indie Semiconductor (NASDAQ: INDI) were up 32.2% today at 11:55 a.m. ET. It's a welcome reprieve from a brutal sell-off that has the stock down over 40% so far in 2022, even after the big rally. First-quarter 2022 earnings results are today's catalyst.
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Back in March, indie's management said it was on track to achieve the high end of its financial guidance (160% to 170% sales growth) provided during the end-of-2021 earnings report. The small company didn't disappoint. Q1 sales of $22 million were up 16% from the prior quarter and up 171% from a year ago.
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Why indie Semiconductor Stock Skyrocketed 32% Higher Today