Super Micro Shares Slip After Slightly Missed Revenue, CEO Predicts Future Growth

In after-hours trading on Tuesday, shares of server manufacturer Super Micro slipped following the company’s announcement that its fiscal third quarter revenue was slightly less than expected. Despite reporting a 200% year-over-year increase in revenue for the period ending March 31 and net income of $402.5 million compared to $85.8 million during the same time last year, analysts surveyed by LSEG had anticipated higher revenues of $14.6 billion versus Super Micro’s previous guidance range of $14.3 billion to $14.7 billion. CEO Charles Liang expressed optimism for future growth, bumping up Super Micro’s fiscal 2024 revenue guidance from $14.3 billion to $14.7 billion to a new target between $14.7 billion and $15.1 billion during the earnings call on Wednesday evening. Share prices are up almost 205% since the beginning of this year, whereas S&P 500 stocks have risen by just over 6%. Super Micro’s rise in popularity last year was driven largely by its potential as a provider of Nvidia graphics processing units for artificial intelligence applications. Liang stated that he expects continued market share gains during the earnings call. In March, Super Micro replaced Whirlpool on the S&P 500 index. The company’s executives will provide further details regarding their financial performance in an evening conference call beginning at 5:00 p.m ET. This story is breaking and additional updates may be added as new information becomes available.