Super Micro surges after strong business update, books $60 billion in orders
SMCI•Revenue outlook and upcoming results
The company said it expects quarterly revenue near the low end of its $11 billion to $12.5 billion forecast range, versus analysts' expectation of revenue of $11.67 billion, according to LSEG-compiled data.
Super Micro is set to post quarterly results on August 11.
LSEG-compiled data showed 22 brokerages rate the stock "hold" on average, with a median price target of $39.
Year to date, the stock was down about 13% as of the last close.
Shares jump after preliminary Q4 update
Super Micro Computer's shares SMCI.O soared 14.2% to $29.15 premarket after the company said it secured more than $60 billion in new orders in the fourth quarter.
In its preliminary fourth-quarter earnings update, the AI server maker said it expects adjusted gross margin in the range of 15% to 17%, nearly double its previous forecast of 8.2% to 8.4%.
