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The
company, which counts NASA and Japan's NEC among its customers,
lifted its fiscal 2024 revenue forecast range to $14.3 billion
to $14.7 billion from $10 billion to $11 billion, and above
analysts' estimate of $11.51 billion, according to LSEG data.
The forecast follows a third-quarter outlook boost earlier this
month that has since pushed the San Jose, California-based
company's market value $10 billion higher to $27.53 billion, and
lifted other AI-related companies.
Shares of Nvidia, the biggest beneficiary of the AI hype, rose
1% on Tuesday, while Microsoft, which is expected to report
results after market close, added 0.8%.
"There is a renewed feeling of optimism around the potential
size and longevity of this AI boom," said Joshua Mahony, chief
market analyst at Scope Markets.
"Microsoft shareholders will hope that the company's early
investment into AI continues to pay dividends, with record
revenues of $61 billion expected."
Supermicro's stock has more than tripled since May last year
when CEO Charles Liang said the generative "AI momentum has
benefited Super Micro greatly."
The stock, which closed at a record high on Monday, was last up
at $548.49 and set to hit a fresh peak at market open.
Super Micro reported a 17% jump in third-quarter net sales to
$3.66 billion from a year earlier, and adjusted earnings per
share (EPS) of $5.59 - both above its latest forecast from less
than two weeks ago.
Analysts on average had expected $2.87 billion in revenue and
$4.55 EPS.
Supermicro trades 24.9 times its earnings estimate for the next
12 months, below Nvidia's multiple of 30.5, per LSEG data. A
lower multiple indicates the stock is trading cheaper compared
to its earnings potential.
(Reporting by Medha Singh in Bengaluru; Editing by Shinjini
Ganguli)
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