Super Micro Shares Drop 14%

SAN JOSE — Super Micro Computer, a provider of technology for AI, Cloud, Storage and 5G/Edge,  announced financial results for its third quarter of fiscal year 2024 ended March 31, 2024. Shares in the company dropped 14% Wednesday but are still up 158% in 2024.

The company reported net sales of $3.85 billion versus $3.66 billion in the second quarter of fiscal year 2024 and $1.28 billion in the same quarter of last year.

Net income was $402 million versus $296 million in the second quarter of fiscal year 2024 and $86 million in the same quarter of last year.

“We had yet another record quarter with fiscal Q3 revenue of $3.85 billion with non-GAAP EPS of $6.65 per share. This year-over-year revenue growth of 200% and year-over-year non-GAAP EPS growth of 308% was well above our industry peers,” said Charles Liang, President and CEO of Supermicro. “Strong demand for AI rack scale PnP solutions, along with our team’s ability to develop innovative DLC designs, enabled us to expand our market leadership in AI infrastructure. As new solutions ramp, including fully production ready DLC, we expect to continue gaining market share. As such, we are raising our fiscal year 2024 revenue outlook from $14.3 to $14.7 billion to a new range of $14.7 to $15.1 billion.”

Super Micro reported $2.1 billion in cash and equivalents on hand.