Super Micro’s monster earnings forecast sends stock soaring yet again



im 832221

After Super Micro Computer Inc. shares surged to their best day on record earlier this month upon upbeat preliminary financial results, they were rallying again after the company issued a blowout outlook Monday afternoon.

Super Micro
SMCI,
+4.54%
expects fiscal third-quarter revenue of $3.7 billion to $4.1 billion along with adjusted earnings per share of $5.20 to $6.01. Both forecasts came in well above the FactSet consensus, which was calling for $2.9 billion in revenue and $4.61 in adjusted EPS.

“While we continue to win new partners, our current end customers continue to demand more of Supermicro’s optimized AI computer platforms and rack-scale Total IT Solutions,” Chief Executive Charles Liang said in a release.

Read: AMD earnings are around the corner, and this number could be the ‘swing factor’

The company also upped its full-year forecast, noting that its products continue to win market share. Super Micro now anticipates $14.3 billion to $14.7 billion in revenue for the full fiscal year, while analysts had been looking for $13.8 billion. The company’s prior forecast called for $10 billion to $11 billion in revenue.

The stock was up more than 8% in after-hours trading Monday.

Super Micro, a partner of Nvidia Corp.
NVDA,
+2.35%,
makes storage and server offerings. It posted adjusted earnings per share of $5.59 on revenue of $3.66 billion for the just-completed quarter, slightly above the preliminary results that Super Micro issued in mid-January, which were themselves well above the consensus view at the time.

Shares of Super Micro have exploded 567% higher over the past 12 months.



Source link

About The Author

Scroll to Top