Super Micro Computer Shares Are Surging Today: Here's Why

Shares of Super Micro Computer, Inc. SMCI are trading higher today following a better-than-expected earnings report.

Why Is It Moving?

After the market closed on Tuesday, the company reported its fourth-quarter and 2022 full year earnings.

The company beat the consensus analyst estimates for both its quarterly earnings per share (EPS) and quarterly revenues.

Quarterly EPS was reported at $2.62 beating the estimated $1.57.

Quarterly Revenue was reported at $1.635 billion beating the estimated $1.510 billion.

The company also reported $5.20 billion in net sales for the fiscal year which is a 46% increase from the previous year. 

Chairman and CEO Charles Liang shared the following sentiments regarding the year end reporting: “The Supermicro team has attained yet another milestone by achieving $5.2 billion in annual revenue… We are well on our way to becoming the leading global supplier of rack-scale Total IT Solutions, powering the world’s digital transformation across diverse applications in key market segments including AI, enterprise, cloud, edge/telco and others.”

Price Action: Shares are up 5.26% as the price climbs to 61.25 during Wednesday's premarket trading session, according to Benzinga Pro.

Photo: Courtesy of Alexandre Debiève on Unsplash