Why Super Micro Computer Stock Is Surging Today
Shares of Super Micro Computer (NASDAQ: SMCI) soared on Wednesday after the server hardware provider reported its fiscal first-quarter results. While sales were down, the company produced solid guidance and announced a share buyback program. The stock was up about 22% at 12:45 p.m. EST.
Super Micro reported first-quarter revenue of $762 million, down about 4.8% year over year but nearly $5 million ahead of the average analyst estimate. The company saw some of its enterprise customers slow their spending during the quarter, but a few "high-profile" customers increased their spending. Adjusted earnings per share came in at $0.55, down from $0.68 in the prior-year period.
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Source Fool.com
