Peraso Inc. (NASDAQ: PRSO), a global leader in mmWave technology for 5G licensed and 60 GHz unlicensed networks, has seen its stock trend upward recently. On July 16, the company announced preliminary revenues of approximately $4.2 million for the second fiscal quarter ending June 30, 2024, surpassing the previous guidance of $3.7 million to $4 million. This reflects a sequential growth of 50% and a year-on-year growth of 70%, driven by strategic developments and product innovations.
On Tuesday, July 16, 2024, Peraso Inc. (NASDAQ: PRSO), a global leader in mmWave technology for 5G licensed and 60 GHz unlicensed networks, saw its stock close slightly down, despite trading at 7.22 times its normal volume. The stock ended the day at $1.53, just below its 200-day moving average (DMA) of $1.56.
Investors are closely watching Peraso’s stock performance, anticipating a trendline that could rise above the 200 DMA. Such a movement could bring the stock back into breakout territory, potentially challenging its three-month high of $2.04.
Peraso’s stock activity comes amid a backdrop of significant company developments, including strong second-quarter revenue projections and strategic product innovations. The market is keenly aware of Peraso’s potential for growth and stability, given its recent performance and advancements in mmWave technology. As the company continues to leverage its technological edge and expand its market presence, investors remain optimistic about its future prospects.
In April, Peraso revealed that its X710 chip has been incorporated by Panasonic Corporation (Tokyo: 6752.T) (OTC: PCRFF) into system networks throughout Japan for its 60 GHz WLAN solution. This product features Peraso’s phased array antenna technology, delivering low latency and high-speed communication over distances similar to wired LANs, thus boosting its market attractiveness.
Additionally, in the second quarter, Peraso received a significant purchase order of $2.88 million in April, representing incremental last-time buys related to the company’s previous end-of-life (EOL) programs for its memory integrated circuit products. Up to that point, Peraso had booked EOL purchase orders totaling around $16.9 million, though the majority remained in backlog.
The company’s strong performance continued from the first fiscal quarter, where it generated total net revenues of $2.8 million, up from $1.8 million in the previous quarter. Product revenues for the quarter stood at $2.7 million, compared to $1.5 million in the prior quarter.
These developments highlight Peraso’s strategic growth and technological advancements, solidifying its position as a leader in the mmWave technology sector and attracting significant investor attention.
Here are additional companies in the technology semiconductor and communications equipment sectors: United Microelectronics (NYSE: UMC), AXT, Inc. (NASDAQ: AXTI), Valens Semiconductor Ltd. (NYSE: VLN), and Getty Images Holdings, Inc. (NYSE: GETY). These companies offer diverse opportunities and present attractive options for investors interested in this industry and its sectors.
Disclaimers: The Private Securities Litigation Reform Act of 1995 provides investors with a safe harbor with regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, assumptions, objectives, goals, and assumptions about future events or performance are not statements of historical fact and may be forward looking statements. Forward looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements, indicating certain actions & quotes; may, could or might occur Understand there is no guarantee past performance is indicative of future results. Investing in micro-cap or growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor’s investment may be lost or due to the speculative nature of the companies profiled. TheStreetReports (TSR) is responsible for the production and distribution of this content.”TSR” is not operated by a licensed broker, a dealer, or a registered investment advisor. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. “TSR” authors, contributors, or its agents, may be compensated for preparing research, video graphics, podcasts and editorial content. “TSR” has not been compensated to produce content related to “Any Companies” appearing herein. As part of that content, readers, subscribers, and everyone viewing this content are expected to read the full disclaimer in our website.
Media Contact
Company Name: The Street Reports
Contact Person: Editor
Email: Send Email
Country: United States
Website: http://www.thestreetreports.com