Shares of Super Micro Computer (NASDAQ: SMCI) jumped 10.5% in after-hours trading on Monday following the computer server specialist's release of a super-strong report for the second quarter of fiscal 2024 (ended Dec. 31, 2023).

The market's positive reaction is largely attributable to Supermicro (as the company refers to itself and is commonly called) issuing third-quarter guidance that crushed Wall Street's consensus revenue and earnings estimates, and significantly raising its full-year fiscal 2024 top-line guidance. The big increase was driven in large part by robust market demand for the company's servers optimized for artificial intelligence (AI) applications.

Supermicro's powerful Q2 results didn't come as much of a surprise because on Jan. 18 it released preliminary revenue and earnings ranges. These metrics crushed Wall Street expectations, which sent shares soaring 36% the following day. That said, the quarter's top and bottom lines both came in slightly above the company's projections in its preliminary release, which likely also provided a tailwind to the stock in Monday's after-hours trading session.

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Source Fool.com