Super Micro CEO Charles Liang.
Source: Supermicro
Shares of Super Micro Computer popped more than 5% Tuesday, a day after the company handily exceeded estimates and raised its full-year revenue outlook in its fiscal second-quarter earnings report.
Super Micro said revenue for the quarter came in at $3.66 billion, up from the $3.06 billion expected by analysts, according to LSEG (formerly known as Refinitiv). The company reported adjusted EPS of $5.59, well above the $4.93 analysts were anticipating, and even surpassing Super Micro’s own guidance from earlier this month.
The company issued preliminary financial results Jan. 18 that suggested adjusted earnings would be between $5.40 and $5.55 per share.
For the full fiscal year, Super Micro raised its revenue guidance to a range of $14.3 billion to $14.7 billion from its range of $10 billion to $11 billion. The company is expecting net sales of $3.7 billion to $4.1 billion in its fiscal third quarter.
Super Micro reported a net income of $296 million in its second quarter, up from $176 million in the same quarter last year.
Super Micro makes computers that companies use as servers for websites, data storage and other applications, including artificial intelligence algorithms. The company’s customers include major players in AI, including NVIDIA, AMD and Intel.
CEO Charles Lang told CNBC’s Jim Cramer on Monday that he believes the revolution in AI technology will have a bigger impact than the Industrial Revolution. He said the technology will have both visible and invisible applications, improving things like autonomous driving, industry automation, education and health-care systems.
Shares of Super Micro are already up more than 74% year to date, following a 246% jump last year and an 87% pop in 2022.
Watch: Super Micro Computer CEO Charles Lang goes one-on-one with Jim Cramer
This story originally appeared on CNBC
