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Dec 31, 2023
Supermicro Q2 2024 Earnings Report
Reported record revenue with year-over-year growth of 103%.
Key Takeaways
Supermicro announced its Q2 2024 financial results, reporting record revenue of $3.66 billion, a 103% increase year-over-year. The company's net income was $296 million, or $5.10 per diluted share, and non-GAAP diluted net income per share was $5.59. Due to continued strong demand, Supermicro raised its fiscal year 2024 revenue outlook to $14.3 billion to $14.7 billion.
Net sales reached $3.66 billion, compared to $1.80 billion in the same quarter last year.
Net income was $296 million, up from $176 million in the same quarter last year.
Diluted net income per common share was $5.10, compared to $3.14 in the same quarter last year.
Non-GAAP diluted net income per common share was $5.59, compared to $3.26 in the same quarter last year.
Forward Guidance
For the third quarter of fiscal year 2024, Supermicro expects net sales of $3.7 billion to $4.1 billion, GAAP net income per diluted share of $4.79 to $5.64 and non-GAAP net income per diluted share of $5.20 to $6.01. For fiscal year 2024, the company is raising its revenue guidance from a range of $10 billion to $11 billion to a range of $14.3 billion to $14.7 billion.
Positive Outlook
- Net sales are expected to be between $3.7 billion and $4.1 billion.
- GAAP net income per diluted share is projected to be between $4.79 and $5.64.
- Non-GAAP net income per diluted share is anticipated to be between $5.20 and $6.01.
- The company's projections assume a tax rate of approximately 13.8% for GAAP.
- The company's projections assume a tax rate of approximately 15.8% for non-GAAP.
Challenges Ahead
- Outlook for third quarter of fiscal year 2024 GAAP net income per diluted share includes approximately $28 million in expected stock-based compensation, net of related tax effects of $14 million that are excluded from non-GAAP net income per diluted share.
- Quarterly operating results may fluctuate, which could cause rapid declines in the stock price.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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