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Shares of Super Micro Computer (NASDAQ:SMCI) on Wednesday rose as much as 10.5% in extended trading, after the information technology services provider provided strong guidance despite supply constraints.
SMCI stock was last up 3.8% to $261.87 after hours.
San Jose, Calif.-based Super Micro (SMCI) makes products such as rackmount servers and graphics processing unit (GPU) servers, motherboards and chassis, and ethernet switches and adapters.
The company posted FQ1 2024 adjusted earnings per share of $3.43, beating estimates by 18 cents. Revenue rose 14.6% Y/Y to $2.12B, beating expectations by $60M.
Semiconductor equipment manufacturers, chipmakers and IT firms have been grappling with a GPU supply constraint over the past few years, though recent quarterly reports from those companies have suggested that the tide is turning.
For example, Advanced Micro Devices (AMD) top boss Lisa Su in an earnings conference call on Tuesday forecasted data center GPU revenue of about $400M in its Q4 and to exceed $2B in 2024, largely helped by its artificial intelligence MI300 chip.
SMCI CEO Charles Liang on Wednesday said that the company was working “diligently” to address GPU supply constraint challenges.
“Given…the strong demand we are seeing for AI infrastructure and…new and upcoming compute and storage products we are now raising our fiscal year 2024 outlook to $10B-$11B in revenue,” Liang said in a statement. The consensus revenue estimate is $10.11B.
For FQ2 2024, Super Micro (SMCI) sees net sales of $2.7B to $2.9B, which was comfortably above the consensus estimate of $2.52B. FQ2 adjusted earnings per share are anticipated to be $4.40 to $4.88, compared to a consensus estimate of $4.11.