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.
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