Why Super Micro (SMCI) stock price jumped today at market open?

October 20, 2022 07:35 AM PDT | By Rupam Roy

Why Super Micro (SMCI) stock price jumped today at market open? — Image source: © Ipopba | Megapixl.com

Preliminary results of Super Micro Computer:

Super Micro Computer is an information technology firm, which has manufacturing units in Silicon Valley, the Netherlands, and Taiwan. The company provides advanced Server Building Block Solutions for global data centers, the cloud, and other related markets.

The investors seem to have lauded the recent business update of the company, among other details, which might have helped gains in its recent price gains. The company also said it expects to exceed its prior financial guidance for the first quarter of fiscal 2023.

According to the preliminary financial updates by the San Jose, California-based firm reported on October 19, the company now expects its net sales to be between US$ 1.78 billion and US$ 1.82 billion in Q1 FY23, up from its prior guidance range of US$ 1.52 billion to US$ 1.62 billion.

Regarding its GAAP diluted EPS, Super Micro Computer now expects it to be between US$ 3 per share and US$ 3.15 apiece, a jump from its prior guidance range of US$ 2.01 per share to US$ 2.27 per share.

The information technology firm said it would announce its fiscal 2023 first-quarter financial updates in a press release on Tuesday, November 1.

Source: ©Kalkine Media®; © Canva via Canva.com

Bottom line:

The trading stock price of the technology company was up 15.56 per cent at 9:39 am ET on October 20, to trade at US$ 64.24, while its volume was 209,562 at the time of drafting this article. The stock of the US$ 3.28 billion market cap firm closed at US$ 55.59 in the prior session.

Meanwhile, the information on the preliminary release is based on the estimates done by the firm's management, and it may differ from the actual release, which is scheduled for November 1, the company said.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.