Super Micro Computer Sinks In Pre-market On Earnings Miss

(RTTNews) - Shares of Super Micro Computer, Inc. (SMCI), a provider of server and storage solutions, were falling more than 13 percent in pre-market on Wednesday to $532.96 after the company's fourth-quarter earnings missed the Street expectations.

Net income was $352.73 million or $5.51 per share for the fourth quarter, up from $193.57 million or $3.43 per share in the same quarter of last year.

Excluding one-time items, earnings were 6.25 per share, that missed the analysts' average estimate of $8.07 per share.

Net sales for the quarter increased to $5.308 billion from $2.185 billion a year ago.

For the first quarter, the company expects net sales in the range of $6.0 billion to $7.0 billion, net income per share of $5.97 to $7.66 and adjusted income per share of $6.69 to $8.27. Analysts expect the company to report earnings of $7.58 per share on revenue of $5.46 billion.

SMCI stock had closed at $616,94, up 1.33 percent on Tuesday. It has traded in the range of $226.59 - $1,229.00 in the last 1 year.