Super Micro Computer Exceeds Q1 Expectations, Stock Rises

Super Micro Computer, Inc. (NASDAQ: SMCI) shares were trading higher in Wednesday's after-hours session after the company reported better-than-expected first-quarter financial results. Here's a look at what happened.

What To Know: Super Micro Computer reported quarterly earnings of $3.43 per share, which beat the analyst consensus estimate of $3.20, a 0.29% increase over earnings of $3.42 per share from the same period last year.

The company reported quarterly sales of $2.12 billion, which beat the analyst consensus estimate of $2.06 billion, a 14.45% increase over sales of $1.85 billion in the same period last year.

Cash flow provided by operations was $271 million while capital expenditures were $3 million.

Super Micro Computer issued second-quarter guidance, with sales estimated to be between $2.7 billion and $2.9 billion and earnings anticipated to be between $3.75 and $4.24.

"I am pleased to announce that we are off to a good start to fiscal 2024, achieving first quarter revenue of $2.12B," said Charles Liang, president and CEO of Supermicro.

"Our teams executed with passion and precision despite the ongoing GPU supply constraints. We are working diligently to meet these challenges and given my confidence in my team and the strong demand we are seeing for AI infrastructure and compelling new and upcoming compute and storage products we are now raising our fiscal year 2024 outlook to $10 billion-$11 billion in revenue."

SMCI Price Action: Shares of SMCI were up 3.06% at $252.27 in the after-hours session at the time of publication, according to Benzinga Pro.

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