United Investment Limited - Super Micro Computer stock rises on a positive June-quarter outlook

Super Micro Computer Inc. (SMCI) missed Wall Street's lower projections for its fiscal third quarter late Tuesday but projected far better than expectations for the current period. In extended trading, the SMCI stock rose.
CENTRAL, Hong Kong - June 23, 2023 - PRLog -- In the fiscal quarter ended March 31, the San Jose, Calif.-based firm, better known as SMCI, earned an adjusted $1.63 per share on sales of $1.28 billion. FactSet surveyed analysts, who predicted profits of $1.71 per share on sales of $1.39 billion. SMCI's profits increased 5% year on year, but sales decreased 5%

SMCI warned on April 24 that its fiscal third-quarter sales would fall well short of projections. SMCI reduced their sales target from $1.47 billion to about $1.28 billion. The business attributed the gap on component shortages affecting its next-generation server systems.

SMCI, on the other hand, forecasts adjusted profits per share of $2.46 on revenues of $1.8 billion for the current quarter. This is based on the midpoint of its forecast. In the fiscal fourth quarter ended June 30, Wall Street expected profits of $1.76 per share on revenues of $1.64 billion.

SMCI Stock Rises Following Report

SMCI shares rose 8.5% to $113.34 in after-hours trading on the stock exchange today. SMCI shares fell 0.7% during the regular session Tuesday, closing at $104.43.

"Supermicro continues to see record levels of engagement in our new generation product lines, particularly for AI applications," said Chief Executive Charles Liang in a statement.

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