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

Investing.comAug 7, 2024 12:44 AM

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.

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