Super Micro Stock Tumbles 13% After Earnings Disappointment. Shares Plummet 13%.

Benzinga 2024-08-07

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Super Micro Computer announced fiscal fourth-quarter earnings that missed analyst expectations, sending shares plunging 13%. Gross margin dropped to 11% from 17% in the year-ago quarter and 15% in the previous quarter. The company announced a 10-for-1 stock split, with shares set to begin trading on a split-adjusted basis on October 1st. Revenue met estimates, but earnings per share were lower than expected. The server company expects first-quarter revenue above estimates and earnings per share below estimates. Shares have surged in recent years on bets the company will benefit from Nvidia's AI-focused graphics cards powering more servers.

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