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Q2 2024 Earnings Call Transcript Super Micro Computer, Inc. (NASDAQ:SMCI)

Super Micro Computer, Inc. (NASDAQ: SMCI) surprised investors with better-than-expected earnings in the second quarter of 2024, reporting an EPS of $5.59, beating the anticipated $5.48. The company held its earnings call on January 29, 2024, with key executives, including Founder and CEO Charles Liang, CFO David Weigand, and VP of Corporate Development Michael Staiger, sharing insights into the financial results.

Staiger kicked off the call, welcoming participants and highlighting the company’s exceptional performance. Liang then took the floor, emphasizing the remarkable revenue of $3.66 billion, a significant leap from the previous year. He credited this achievement to strong demand and improved supply conditions for GPU and related components. Liang also discussed the company’s strategy of expanding its core steelmaking assets and branching out into adjacent steel-centric businesses to mitigate cyclicality.

Throughout the call, the executives addressed forward-looking statements, stressing the potential risk factors that could impact future results. They also provided detailed explanations of non-GAAP financial measures and operating expenses. Weigand delved into specific financial metrics, such as revenues by vertical and geographic breakdown, gross margin, and operating expenses. He also outlined the company’s expectations for the third quarter, projecting revenues of $3.7 billion to $4.1 billion and diluted net income per share.

Overall, the executives expressed confidence in Super Micro’s trajectory, citing ongoing innovation in AI infrastructure and the company’s readiness to seize market opportunities. They highlighted strategic initiatives aimed at fostering sustainable growth and announced an upward revision of revenue guidance for fiscal year 2024 to $14.3 billion to $14.7 billion.

During the Q&A session, analysts had the chance to pose questions on various aspects of the company’s performance and outlook. The call concluded with a reaffirmation of Super Micro’s commitment to driving innovation and delivering value to its stakeholders.

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