超級微型計算機（SMCI）Q3 2025收益：BEATS估算，但Future Outlook派出了股票

雖然服務器製造商設法擊敗了華爾街的第三季度結果期望，但其未來的前景使股票蓬勃發展。

Server maker Super Micro Computer (NASDAQ:SMCI) delivered mixed news to investors this week with third-quarter results beating expectations but future outlook sending shares tumbling.

Server Maker Super Micro Computer（NASDAQ：SMCI）本周向投資者發表了混合的新聞，第三季度結果超過了期望，但未來的Outlook會使股票跌倒。

The company reported third-quarter adjusted earnings of $0.31 per share on revenue of $4.6 billion. This represented a slight beat compared to analyst expectations.

該公司報告說，第三季度調整後的收益為每股0.31美元，收入為46億美元。與分析師的預期相比，這略微勝過。

However, the positive earnings news was overshadowed by disappointing guidance for the upcoming quarter and fiscal year.

但是，在接下來的季度和財政年度令人失望的指導中，積極的收益新聞掩蓋了。

Super Micro now expects fourth-quarter adjusted earnings to fall between $0.40 and $0.50 per share. This falls well short of Wall Street estimates of $0.66 per share.

Super Micro現在預計第四季度調整後的收入將在每股0.40美元至0.50美元之間。這幅度不足華爾街估計為每股0.66美元。

Revenue for the June quarter is projected to be between $5.6 billion and $6.4 billion. Analysts had been looking for $6.65 billion.

該6月季度的收入預計在56億至64億美元之間。分析師一直在尋找66.5億美元。

The company’s shares dropped 4.5% in premarket trading on Wednesday following the Tuesday evening release. This continues a difficult stretch for SMCI stock, which has fallen 60% over the past 12 months.

週二晚上發布後，該公司的股票在周三的上市交易中下跌了4.5％。對於SMCI股票而言，這持續了很難，在過去的12個月中，它下降了60％。

Wall Street analysts remain divided on Super Micro’s prospects. According to FactSet, four analysts rate it a Buy, five give it a Hold, and one recommends Sell.

華爾街分析師在超級微觀的前景上仍然有分歧。根據FactSet的說法，四位分析師對此進行了評價，五個分析師將其保留，並建議賣出。

Super Micro has shown some relative strength against the broader market in 2025. The stock has gained about 5.5% since the beginning of the year, while the S&P 500 has declined 3.9% during the same period.

Super Micro在2025年對更廣泛的市場表現出了一定的相對強度。自今年年初以來，該股票上漲了約5.5％，而同期標準普爾500指數下跌了3.9％。

This year-to-date outperformance comes despite ongoing challenges for the company.

儘管公司面臨著持續的挑戰，但今年至今的表現會超過表現。

Customer Delays Impact Forecast

客戶延遲影響預測

CEO Charles Liang pointed to specific factors driving the reduced outlook.

首席執行官查爾斯·利安格（Charles Liang）指出，推動降低前景的特定因素。

“Some customers delayed making platform decisions in the quarter,” Liang explained in the earnings release. He expressed optimism that these commitments would eventually materialize in the June and September quarters.

“一些客戶推遲了本季度做出平台決策，” Liang在收益發布中解釋說。他表示樂觀，這些承諾最終將在6月和9月的季度實現。

However, Liang also warned that “economic uncertainty and tariff impacts may have a short-term impact” on the company’s performance.

但是，梁還警告說，“經濟不確定性和關稅影響可能會對公司的績效產生短期影響”。

The revised fiscal 2025 revenue guidance now stands at $21.8 billion to $22.6 billion. This represents a substantial reduction from previous estimates of $23.5 billion to $25 billion.

修訂後的2025財年收入指南現在為218億美元至226億美元。這是從先前的235億美元估計到250億美元的估計大幅減少。

Analyst consensus had been expecting 2025 revenue of $23.6 billion, putting even the high end of the new guidance range below market expectations.

分析師共識預計2025年的收入為236億美元，甚至將新指南範圍的高端低於市場預期。

Super Micro’s preliminary earnings announcement on April 29 had already hinted at challenges. The stock dropped 12% on April 30 following that initial preview.

Super Micro於4月29日發布的初步收益公告已經暗示了挑戰。首次預覽之後，該股票在4月30日下降了12％。

The server technology company has a mixed recent track record with earnings. Over the last four quarters, Super Micro has surpassed consensus EPS estimates twice and topped revenue expectations three times.

該服務器技術公司的收入最近有不同的往績。在過去的四個季度中，Super Micro超過了共識EPS的估計兩次，預期收入的預期超過了三倍。

Super Micro operates in the critical cloud computing sector. The company’s servers frequently use Nvidia chips and serve many major technology companies.

超級微型在關鍵的雲計算領域運行。該公司的服務器經常使用NVIDIA芯片並為許多主要的技術公司服務。

This position in the artificial intelligence supply chain previously made SMCI a favorite among investors seeking exposure to the AI boom. However, the company has faced additional challenges after delaying results and replacing its auditor last year.

在人工智能供應鏈中的這一職位以前使SMCI成為尋求接觸AI繁榮的投資者的最愛。但是，該公司在延遲結果並替換其審計師後面臨著其他挑戰。

The current outlook reflects ongoing pressure in the server market, with potential impacts from both economic factors and trade policies affecting customer decisions.

當前的前景反映了服務器市場中的持續壓力，其經濟因素和貿易政策的潛在影響影響了客戶決策。