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.
Related News: What’s Going On With Lucid Group Stock?
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
