Shares of Celestica Inc. (CLS) soared 8.16% on Tuesday's intraday trading session, driven by a strong fourth-quarter earnings outlook and positive sentiment surrounding the company's growth prospects in the AI/Cloud Solutions segment.
According to analysts' estimates, Celestica is expected to report robust Q4 2024 financial results, with projected revenue of $2.532 billion, an 18.3% year-over-year increase, and earnings per share reaching $1.05, surpassing expectations for the fourth consecutive quarter. This anticipated strong performance is primarily attributed to Celestica's growing presence in the Connectivity & Cloud Solutions segment, fueled by rising demand for AI/ML compute products and high-speed networking solutions.
Analysts are also optimistic about Celestica's recent launch of the DS4100 800G data center switch, which is expected to bolster its portfolio and cater to the high-bandwidth demands of modern data centers. The positive outlook and promising growth prospects in the AI/Cloud market have boosted investor confidence, leading to the significant stock price surge.
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