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Supermicro jumps following Q2 beat, up 91% since included on ProPicks’ strategy
Supermicro jumps following Q2 beat, up 91% since included on ProPicks’ strategy By Investing.com
Breaking News
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AuthorDavit KirakosyanStock Markets
Published Jan 30, 2024 05:52AM ET
© Reuters.
Investing.com — Super Micro Computer (NASDAQ:SMCI) lifted its annual guidance on Monday, following its release of Q2 earnings that exceeded expectations. This positive performance is attributed to ongoing AI-led demand in the data center hardware sector.
The company’s shares saw a significant pre-market increase of over 10% today.
Supermicro reported an EPS of $5.59, with revenue totaling $3.66 billion. These figures considerably surpassed analyst predictions of an EPS of $4.51 per share on revenue of $2.8B. The results also exceeded Supermicro’s own Q2 guidance provided on Jan 18, which forecasted an EPS between $5.40 and $5.55 per share.
For Q3, the IT Solutions provider anticipates net sales to be between $3.7B and $4.1B, with an EPS ranging from $5.20 to $6.01. This projection significantly exceeds analyst estimates of an EPS of $4.35 on revenue of $2.93B.
Looking forward, Supermicro raised its revenue guidance for fiscal 2024 to a range of $14.3B to $14.7B, up from the previous forecast range of $10B to $11B.
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Supermicro jumps following Q2 beat, up 91% since included on ProPicks’ strategy
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