Super Micro Computer Inc (NASDAQ:SMCI) shares are tanking in Tuesday’s after-hours session after the company reported preliminary results for its fiscal third quarter.
What Happened: Super Micro reported weak preliminary results for the third quarter after market close, citing delayed customer platform decisions that moved sales into the fourth quarter.
The company now expects to report third-quarter revenue of $4.5 billion to $4.6 billion, down from prior guidance of $5 billion to $6 billion. Super Micro also expects third-quarter adjusted earnings to be in the range of 29 cents to 31 cents per share, down from prior guidance of 46 cents to 62 cents per share.
Super Micro further noted that GAAP and non-GAAP gross margin for the third quarter was 220 basis points lower than the second quarter, primarily due to “higher inventory reserves resulting from older generation products and expedite costs to enable time-to-market for new products.”
One bright spot from the release is that new generation product designs were “robust,” the company said.
Super Micro will report audited results for the third quarter after the market close on May 6. Company executives will further discuss the shortfall on a conference call scheduled for 5 p.m. ET that day.
Super Micro Computer shares were down 16.64% after hours, trading at $30.05 at the time of publication Tuesday, according to Benzinga Pro.
Other chip companies were facing selling pressure following the preliminary release, including NVIDIA Corp (NASDAQ:NVDA), down 1.84%; Micron Technology Inc (NASDAQ:MU), down 1.86% and Dell Technologies Inc (NYSE:DELL), down 4.87% at $89.21 for after-hours Tuesday.
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