Super Micro current quarter guidance tops estimates, but Q1 earnings fall short

Investing.comAug 7, 2024 12:44 AM

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Investing.com -- Super Micro reported Tuesday upbeat revenue guidance for the current quarter even as Q1 earnings missed estimates and the data center company announced a stock split as it looks to capitalize on growing demand for artificial intelligence hardware used to power AI applications.

The company announced a 10-for-1 forward split of its common stock, expected to start trading on Oct. 1.

For fiscal Q1, non-GAAP net income per diluted share was estimated in a range of $6.69 to $8.27 on sales of $6.0 billion to $7.0 billion, compared with Wall Street estimates for $7.58 on revenue of $5.45B, respectively.

The better-than-expected guidance follows earnings that fell short of analyst estimates in Q4.

For the quarter ended Jun. 30, the company, which counts Nvidia (NASDAQ:NVDA) among its customers for servers, reported adjusted earnings of $6.25 share on sales of $5.31 billion Analysts polled by Investing.com had expected earnings of $8.1 a share on sales of $5.31 billion.

Looking ahead to fiscal year 2025, the company guided net sales between $26.0B and $30.0B, compared with estimates for $33.54B.

"Supermicro continues to experience record demand of new AI infrastructures," the company said.

Super Micro Computer Inc (NASDAQ:SMCI) gave up its gains to trade 8% lower in afterhours following the report.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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