The company posts fiscal fourth-quarter net sales $316.7 million, well below analysts' estimates of $375 million.
Shares of Smart Global Holdings were tumbling sharply Friday after a significant revenue miss. One analyst team, however, remained bullish on the technology company.
Smart Global stock fell 45% to $13.08, marking what would be its largest percent decrease on record based on available data back to May 2017, according to Dow Jones Market Data. “With the Smart Brazil now accounted for as a discontinued operation and the company’s margin structure significantly improved, we expect valuation multiples can take a step higher,” Needham analysts wrote. Earlier this year, the company agreed to sell an 81% interest in its Smart Brazil operations.
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