Super Micro Computer Reports Q2 Financials, Raises 2024 FY Guidance: Over 100% YOY Sales Increase

Super Micro Computer, Inc. SMCI shares are racing higher after the company reported its second-quarter financial results after the bell. Here’s a look at the highlights.

The Details:

Super Micro Computer reported quarterly earnings of $5.59 per share, beating the analyst consensus estimate of $4.93 by 13.39% and representing a 71.47% increase over earnings of $3.26 per share from the same period last year.

The company reported quarterly sales of $3.67 billion. Quarterly sales beat the analyst consensus estimate of $3.06 billion by nearly 20% and is a 103.27% increase over sales of $1.8 billion year-over-year.

“We continued to demonstrate our market leadership in fiscal Q2 2024, reporting record revenue results of $3.66B, year-over-year growth of 103%,” said Charles Liang, CEO of Super Micro.

“While we continue to win new partners, our current end customers continue to demand more Super Micro’s optimized AI computer platforms and rack-scale Total IT Solutions. As our innovative solutions continue to gain market share, we are raising our fiscal year 2024 revenue outlook to $14.3 billion to $14.7 billion.”

Super Micro expects net sales of $3.7 billion to $4.1 billion and non-GAAP net income per diluted share of $5.20 to $6.01 for the third quarter of fiscal year 2024. The company also raised its fiscal year 2024 guidance for revenues from a range of $10 billion to $11 billion to a range of $14.3 billion to $14.7 billion.

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SMCI Price Action: According to Benzinga Pro, Super Micro Computer shares are trading up 6.93% after-hours at $529.99 at the time of publication.

Image: Courtesy of Super Micro Computer, Inc.