Super Micro shares jump after solid 2Q results
Shares of Super Micro Computer Inc. jumped Wednesday after the server maker posted solid fiscal second-quarter results amid a recovery in the technology sector.
For the three months ended Dec. 31, the company earned $7.6 million, or 19 cents per share, up rose 42 percent from a profit of $5.3 million, or 14 cents per share, in the same period a year earlier.
Adjusted earnings were 22 cents per share in the latest quarter.
Revenue rose 42 percent to $182 million from $128.6 million.
Analysts, on average, were expecting a profit of 17 cents per share, excluding items, on sales of $160.3 million, according to a poll by Thomson Reuters.
"Our growth is a result of the strongest and most extensive product lines that we have ever had at Supermicro, which enables us to be more competitive and gain more market share," said Charles Liang, president and CEO, in a statement.
For the third quarter, the company forecast adjusted earnings of 18 cents to 21 cents per share, on sales of $175 million to $185 million.
Analysts are expecting earnings of 17 cents per share on sales of $160.2 million.
Shares of the San Jose, Calif., company rose $1.70, or 15 percent, to $13.31 in afternoon trading. Earlier, the stock hit a 52-week high of $13.83.