SMCI: Super Micro Computer Stock Slumps After Weak Q1 Results

Super Micro Computer SMCI shares sank 9% on early Wednesday trading after first-quarter fiscal 2026 results missed Wall Street expectations, though its next-quarter forecast far exceeded estimates.

For the quarter ending Sept. 30, revenue came in at $5 billion, about $800 million below consensus and down 15% from a year earlier. Adjusted earnings per share were $0.35 versus $0.39 expected, while GAAP EPS reached $0.26. Gross margin slipped slightly to 9.5%.

Looking ahead, the San Jose-based server and storage firm guided second-quarter revenue between $10 billion and $11 billion, crushing the $8.05 billion analyst view, with adjusted EPS seen at $0.46 to $0.54. The company said it expects strong AI-related demand from new Nvidia NVDA HGX B300 and GB300 NVL72 systems, reinforcing its position in the fast-growing server market.

Supermicro targets at least $36 billion in fiscal 2026 revenue, supported by a $13 billion order book tied to Nvidia's Blackwell Ultra platform.

Despite the short-term stock decline, analysts say the upbeat guidance highlights SMCI's resilience and growing share within the AI hardware supply chain.