Super Micro Computer shares are trading sharply lower on Friday for an odd reason: The artificial-intelligence hardware company appears to have decided not to preannounce its financial results for the March quarter.
Super Micro shares were down 14.61% Friday at $792.87. Even with that decline, the stock is up 200% for the year, and 675% over the past 12 months.
In seven of the past eight quarters, Super Micro issued a press release announcing preliminary results ahead of its routine earnings release, generally ratcheting up financial guidance. For instance, in January, 11 days ahead of earnings, the company sharply increased its outlook for sales and earnings.
But not this time. And that has made investors nervous that the company’s results might simply be in line with expectations, or worse.
On Friday morning, 11 days ahead of the earnings, the company issued a press release that simply set the date for the earnings announcement: April 30.
For the quarter, Super Micro’s previous guidance was for sales of between $3.7 billion and $4.1 billion, with non-GAAP profits of $5.20 to $6.01 a share. For the June 2024 fiscal year, the company has projected revenue of between $14.3 billion and $14.7 billion.
Street consensus estimates as tracked by FactSet for the quarter call for sales of $4 billion and adjusted profits of $5.84 a share. For the full year, analysts are estimating sales of $14.6 billion and adjusted profits of $21.95 a share.
