Clicky

  • Login
  • Register
  • Submit Your Content
  • Contact Us
Wednesday, August 21, 2024
World Tribune
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
Submit
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food
No Result
View All Result
World Tribune
No Result
View All Result

Super Micro announces 10-for-1 stock split, shares plunge 13% on earnings miss

August 7, 2024
in News
Reading Time: 2 mins read
A A
Super Micro announces 10-for-1 stock split, shares plunge 13% on earnings miss
0
SHARES
ShareShareShareShareShare

READ ALSO

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

Japan trade on deck, Wall Street rally pauses

Sopa Images | Lightrocket | Getty Images

Shares of server company Super Micro Computer plunged 13% on Tuesday after the company announced fiscal fourth-quarter earnings that missed analyst expectations. The company also announced a 10-for-1 stock split, set to begin trading on a split-adjusted basis on Oct. 1.

Here’s how the company did vs. LSEG estimates for the quarter that ended in June:

  • Earnings: $6.25 adjusted vs. $8.07 expected
  • Revenue: $5.31 billion vs. $5.30 billion expected

Super Micro said gross margin dropped to 11.2% from 17% in the year-ago quarter and from 15.5% in the third quarter, which means it’s making less profit on each product it sells, despite noting that it “continues to experience record demand of new AI infrastructures.”

The company announced net income of $352.7 million, or $5.51 per share, up from $193.5 million, or $3.43 per share, in the year-ago quarter.

Super Micro said it expects first-quarter revenues between $6 billion and $7 billion, beating Wall Street’s estimate of $5.46 billion. It expects EPS of $5.59 to $8.27, or a $7.48 midpoint, compared to the consensus estimates of $7.58.

Shares in the company, which competes with companies like Dell and Hewlett Packard Enterprise, have surged over recent years as investors bet it will be an essential vendor of servers for Nvidia, whose graphics cards are powering the artificial intelligence boom.

Stock splits do nothing to change the financial fundamentals of a company but they do make each share cheaper, which can have a positive psychological effect on retail investors.

Shares of Super Micro, which joined the S&P 500 in March, surged 246% in 2023 and are up 117% year-to-date. The stock closed Tuesday at $618.94.

WATCH: Nvidia’s August earnings report unlikely to have any ‘major issue’

Super Micro announces 10-for-1 stock split, shares plunge 13% on earnings miss

Credit: Source link

ShareTweetSendSharePin
Previous Post

Looking back at 11 years of Google streaming

Next Post

Andrea Spendolini-Sirieix breaks down at Olympics after failing to medal

Related Posts

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
News

Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says

August 21, 2024
Japan trade on deck, Wall Street rally pauses
News

Japan trade on deck, Wall Street rally pauses

August 21, 2024
GMC targets electric truck leadership against Tesla, Ford, Rivian
News

GMC targets electric truck leadership against Tesla, Ford, Rivian

August 21, 2024
Brits snap up lower mortgages as BOE cut boosts market
News

Brits snap up lower mortgages as BOE cut boosts market

August 20, 2024
Eli Lilly weight loss drug cuts risk of developing diabetes in trial
News

Eli Lilly weight loss drug cuts risk of developing diabetes in trial

August 20, 2024
Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?
News

Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

August 20, 2024
Next Post
Andrea Spendolini-Sirieix breaks down at Olympics after failing to medal

Andrea Spendolini-Sirieix breaks down at Olympics after failing to medal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

What's New Here!

France’s political tensions return to the fore as ‘Olympic truce’ ends

France’s political tensions return to the fore as ‘Olympic truce’ ends

August 14, 2024
Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

Who is Mike Lynch, UK tech entrepreneur missing in superyacht sinking?

August 20, 2024
Jets’ lonely Lombardi trophy finally has some cautious optimism

Jets’ lonely Lombardi trophy finally has some cautious optimism

July 22, 2024
JPMorgan: You can profit 70% of the time you buy the dip in corporate debt

JPMorgan: You can profit 70% of the time you buy the dip in corporate debt

August 16, 2024
How to watch US-Australia in Women’s Basketball Olympics semifinals

How to watch US-Australia in Women’s Basketball Olympics semifinals

August 9, 2024
General Motors, Hyundai, and Honda are accused of inappropriately sharing customer data

General Motors, Hyundai, and Honda are accused of inappropriately sharing customer data

July 27, 2024
Noom partners with Zumba for dance instructors to become Mindset Coaches

Noom partners with Zumba for dance instructors to become Mindset Coaches

August 12, 2024

About

World Tribune is an online news portal that shares the latest news on world, business, health, tech, sports, and related topics.

Follow us

Recent Posts

  • Volatility spike was a ‘huge overreaction,’ but more could be ahead, strategist says
  • The EU wants no corner of the digital sphere left untouched, warning X and AI could be next
  • Kevin James recreates viral video in electric Mets moment
  • Japan trade on deck, Wall Street rally pauses

Newslatter

Loading
  • Submit Your Content
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2024 World Tribune - All Rights Reserved!

No Result
View All Result
  • Home
  • News
  • Business
  • Technology
  • Sports
  • Health
  • Food

© 2024 World Tribune - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In