Super Micro shares soar 36% to record on uplifting preliminary results
Publishing timestamp: 2024-01-19 16:16:09
Summary
Super Micro Computer's shares reached an all-time high after the company reported higher-than-expected revenue in its preliminary earnings report. The company's revenue for the quarter ending in December is projected to be $3.6 billion to $3.65 billion, surpassing analysts' expectations. Super Micro's stock has been performing well in recent years, with a 36% surge on Friday. The company manufactures computers used as servers for websites, data storage, and AI algorithms. Analysts note that Super Micro's sales are largely dependent on Nvidia's allocation of its graphics processing units, which are in high demand due to the AI boom. Super Micro's full earnings report is set to be released later this month.
Sentiment: POSITIVE
Keywords: nvidia corp, breaking news: technology, super micro computer inc, technology, business news,
Source: https://www.cnbc.com/2024/01/19/super-micro-smci-jumps-on-q2-preliminary-earnings.html