Why Super Micro Computer Stock Dropped Today
Shares of Super Micro Computer (NASDAQ: SMCI) were down 21.6% as of 1:30 p.m. EDT Wednesday, according to data provided by S&P Global Market Intelligence, after the company's strong fiscal fourth-quarter results were overshadowed by conservative forward guidance.
On the former, Super Micro's quarterly net sales climbed 32.9% year over year to $2.18 billion, translating to a 34% increase in adjusted (non-generally accepted accounting principles, or non-GAAP) net income of $3.51 per share. Analysts, on average, were modeling revenue of $2.08 billion and adjusted earnings of $2.96 per share.
"We continue to see unprecedented demand for AI and other advanced applications requiring optimized rack-scale solutions," stated Super Micro CEO Charles Liang. "We are in a great position to continue our growth momentum given our record new design wins, customers, and backlog for our best-in-class rack-scale Total AI IT Solutions."
Source Fool.com
