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Home » Super Micro’s stock drops nearly 10% as AI server maker’s outlook comes in light
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Super Micro’s stock drops nearly 10% as AI server maker’s outlook comes in light

News RoomBy News RoomAugust 9, 20230 Views0
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Super Micro Computer Inc. shares fell in the extended session Tuesday after the server company with AI sales forecast a weak outlook considering an expected spending surge to support artificial-intelligence technology.

For the first quarter, Super Micro estimates adjusted earnings of $2.75 to $3.50 on revenue of $1.9 billion to $2.2 billion, while Wall Street expects $3.21 a share on revenue of $2.2 billion.

For the year, the company expects revenue between $9.5 billion to $10.5 billion, while analysts expect $9.88 billion.

Super Micro
SMCI,
-22.92%
shares fell 9.5% after hours, following a 1.7% decline in the regular session to close at $347.40.

The company reported fourth-quarter net income of $193.6 million, or $3.43 a share, compared with $140.8 million, or $2.60 a share, in the year-ago period.

Adjusted earnings, which exclude stock-based compensation expenses and other items, were $3.51 a share, compared with $1.63 a share in the year-ago period.

Revenue rose to $2.18 billion from $1.64 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast $2.91 a share on revenue of $1.98 billion.

Last quarter, shares rallied after Super Micro’s forecast topped estimates at the time on AI optimism.

As of Tuesday’s close, Super Micro shares have soared 323% year to date, compared with shares of Nvidia Corp.
NVDA,
-4.88%,
which are up more than 200% over the same period, while the PHLX Semiconductor Index
SOX
has rallied more than 45% and the S&P 500
SPX
has gone up more than 17%.

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