FMP
Super Micro Announces Strong Revenue Guidance But Shares Drop 20% on Missed Q4 Earnings
Aug 7, 2024 8:33 PM - Davit Kirakosyan(Last modified: Aug 8, 2024 2:25 AM)
Image credit: FMP
Super Micro Computer, Inc. (NASDAQ:SMCI) provided an optimistic revenue outlook for the current quarter and announced a stock split, driven by increasing demand for its AI servers that support artificial intelligence applications. However, the company’s stock plunged more than 20% intra-day today on missed Q4 earnings.
The company reported Q4 earnings that missed analyst expectations. For the quarter ending June 30, Super Micro, posted adjusted earnings of $6.25 per share on sales of $5.31 billion. Analysts had anticipated earnings of $8.1 per share on sales of $5.31 billion.
For fiscal Q1, Super Micro projected non-GAAP net income per diluted share between $6.69 and $8.27, with sales ranging from $6.0 billion to $7.0 billion. This exceeded Wall Street estimates of $7.58 per share on revenue of $5.45 billion.
Looking forward to fiscal year 2025, Super Micro forecasts net sales between $26.0 billion and $30.0 billion, below the analyst consensus of $33.54 billion.
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