Super Micro Computer (NASDAQ:SMCI) stock is rising higher on Tuesday after the company posted positive earnings results for its fiscal second quarter of 2024.
The good news for SMCI stockholders starts with its adjusted earnings per share of $5.59. This is better than the $5.16 per share Wall Street was expecting. It’s also a major improvement over the $3.26 per share reported in the same period of the year prior.
Adding to that is Super Micro Computer’s revenue of $3.66 billion. Yet again, that comes in above analysts’ estimate of $3.26 billion for the quarter. Its growth is also strong, over the $1.8 billion reported in fiscal Q2 2023.
Charles Liang, president and CEO of Super Micro Computer, said the following in the earnings report:
“We continued to demonstrate our market leadership in fiscal Q2 2024, reporting record revenue results of $3.66B, year-over-year growth of 103%. While we continue to win new partners, our current end customers continue to demand more Supermicro’s optimized AI computer platforms and rack-scale Total IT Solutions.”
2024 Outlook Boosts SMCI Stock
With all of this good news comes an updated outlook for Super Micro Computer’s fiscal full year of 2024. It now expects revenue for the year to range from $14.3 billion to $14.7 billion. That would easily have it beating Wall Street’s estimate of $11.51 billion for the fiscal year.
SMCI stock is up 10.4% as of Tuesday morning. Shares are also up 73.7% year-to-date as of Monday’s close.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
