Shares of Super Microcomputer, Inc. SMCI are trading higher today following a better than expected earnings report.
Why is it moving?
After the market closed on Tuesday, the company released its fourth quarter and full year 2022 results.
The company beat analyst consensus estimates for quarterly earnings per share (EPS) and quarterly revenue.
Quarterly EPS was reported at $2.62, beating the estimate of $1.57.
Quarterly revenue was reported at $1.635 billion, beating the estimated $1.510 billion.
The company also reported net revenue of $5.20 billion for the fiscal year, an increase of 46% over the prior year.
President and CEO Charles Liang shared the following sentiments regarding the year-end report: “The Supermicro team reached another milestone, achieving $5.2 billion in annual revenue…We are well on our way to becoming the world’s leading provider of rack-scale total computing solutions, powering the world’s digital transformation through various applications in key market segments including AI, Enterprise, Cloud, Edge/Telecom and others .
Price action: The shares are up 5.26% as the price climbs to 61.25 in Wednesday’s premarket trading session, according to Benzinga Pro.
Photo: Courtesy of Alexandre Debiève on Unsplash