Server maker Super Micro Computer (NASDAQ:SMCI) reported better than expected preliminary results for its fourth quarter of fiscal year 2023. Despite the beat, shares declined amid broad weakness in tech on concerns about slowing overall business activity following comments from a key industry player, Taiwan Semiconductor Manufacturing (NYSE:TSM).
Super Micro said it expects to report fourth-quarter sales of $2.15 billion to $2.18B, ahead of the prior range of $1.7B to $1.9B and the consensus of $1.8B. It sees non-GAAP EPS of $3.35 to $3.45, better than the prior estimate of $2.21 to $2.71 and the consensus of $2.45.
Supermicro plans to release final results in a press release on Tuesday, August 8. It didn’t comment on performance beyond its fourth quarter today.
Technology stocks declined broadly Thursday morning after Taiwan Semiconductor Manufacturing's CEO said AI-related demand is not enough to offset the overall cyclicality of its business.
Super Micro shares were down 3.75% heading into midday.