: Super Micro stock rallies as earnings, outlook top Street view

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Super Micro Computer Inc. SMCI shares rallied in the extended session Tuesday after the server and data-storage company’s earnings and outlook topped Wall Street expectations. Super Micro shares surged 12% after hours, following a 0.9% rise in the regular session to close at $23.21. The company reported fiscal first-quarter net income of $26.6 million, or 49 cents a share, compared with $26.3 million, or 51 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 55 cents a share, compared with 68 cents a share in the year-ago period. Revenue declined to $762.3 million from $799.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 16 cents a share on revenue of $748.1 million. Super Micro expects adjusted fiscal second-quarter earnings of 35 cents to 58 cents a share on revenue of $780 million to $880 million, while analysts had forecast 27 cents a share on revenue of $798.1 million. “A recent improvement in business trends gives us confidence in our outlook to resume sequential growth,” said Charles Liang, Super Micro chairman and chief executive, in a statement. “We believe that our Q1 results will mark a near-term bottom as we aim to re-accelerate our growth through the remainder of fiscal 2021 and drive further growth in fiscal 2022.”
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