Penguin Solutions Inc (NASDAQ:PENG) shares are rising in extended trading Monday after the company announced a CFO transition and provided an update on its full-year outlook.
- Penguin Solutions shares are testing new highs. Why is PENG stock breaking out?
Penguin Solutions Announces CFO Transition
Nate Olmstead, senior vice president and CFO of Penguin Solutions, will step down on July 8 to pursue another opportunity in a separate industry.
Penguin Solutions Vice President of Finance and Accounting Aaron Johnson will assume the role of interim CFO while the company searches for a permanent replacement. Penguin said it tapped a leading executive search firm to help find the company’s next CFO.
Penguin Strengthens Outlook For Fiscal 2026
Penguin Solutions reaffirmed its previously issued financial guidance for fiscal 2026 and noted that it now expects both earnings and revenue to come in at the high end of its previous guidance ranges due to “very strong” agentic AI-driven demand.
“Our business momentum remains strong as enterprises accelerate adoption of inference and agentic AI workloads, and demand for memory and AI infrastructure continues to grow. We continue to execute with focus and discipline on our AI Factory Platform strategy, supported by very strong agentic AI-driven customer demand across our Integrated Memory and AI Infrastructure businesses,” said Kash Shaikh, president and CEO of Penguin Solutions.
Penguin Solutions is due to report financial results for the third quarter on July 7.
PENG Shares Pop After The Close
PENG Price Action: Penguin Solutions shares were up 6.68% in after-hours Monday, trading at $63.70 at the time of publication, per Benzinga Pro.
Image: Shutterstock.com
Login to comment