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Super Micro Computer's Stock Falls Despite 200% Revenue Growth
The stock of Super Micro Computer (SMCI) is down 10% despite the company reporting 200% annualized revenue growth for this year's first quarter and raising its forward guidance.
The meteoric growth doesn't seem to be enough to impress investors who have sent the share price of Super Micro Computer up 717% in the last 12 months.
The maker of high-efficiency servers that run artificial intelligence (A.I.) microchips and semiconductors reported earnings per share (EPS) of $6.65 U.S. compared to $5.78 U.S. that was expected on Wall Street.
Revenue for Q1 came in at $3.85 billion U.S., which was below the $3.95 billion U.S. consensus forecast of analysts. Despite the miss, the company's revenue was up 200% year over year.
In the previous fourth quarter of 2023, Super Micro Computer reported 103% year-over-year revenue growth.
Super Micro Computer, which has a strategic partnership with leading A.I. microchip designer Nvidia (NVDA), also raised its forward guidance.
The company said it now expects fiscal 2024 revenue of $14.7 billion U.S. to $15.1 billion U.S., up from a previous outlook of $14.3 billion U.S. to $14.7 billion U.S.
The new guidance implies year-over-year revenue growth of 582% at the midpoint.
Analysts had expected fiscal 2024 revenue of $14.60 billion U.S.
Super Micro Computer said its Q1 growth would have been greater had it not been for the shortage of a key component needed to make its in-demand servers.
Management said on their earnings call that the supply chain continues to improve and should be better moving forward.
In March, Super Micro Computer was added to the S&P 500 index, where it is the top performing stock of the year.
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