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Super Micro Computer, Inc. stock price
Super Micro Computer, Inc. latest news:
Super Micro warns of profit shortfall, stock falls more than 10%
Super Micro Computer Inc. fell more than 10% in late trading Thursday after disclosing that profit came up short of projections, partly due to the high cost of memory chips. The high-performance computing company said that adjusted profit will be 35 cents to 37 cents a share, lower than previous guidance of 40 cents to 50 cents a share. The announcement noted three causes for a nine-cent downfall per share: "expiring customer agreements with unfavorable DRAM and SSD pricing; urgent new projects with unanticipated R & D expense from major partners with NRE to be recovered in later quarters; and tax impact due to our global corporate tax structure." The cost for dynamic random access memory, or DRAM, and solid-state drives, or SSDs, have spiked in the past year, harming profit for many computer companies. Super Micro said it would report revenue at or above the high end of its previous guidance range of $655 million to $715 million, with expectations for sales now at $712 million to $717 million. Chief Executive Charles Liang promised more details when the company fully reports earnings on Aug. 3. Super Micro stock declined to around $24.15 after closing with a 2.3% increase at $27.10.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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