超级微型计算机（SMCI）Q3 2025收益：BEATS估算，但Future Outlook派出了股票

虽然服务器制造商设法击败了华尔街的第三季度结果期望，但其未来的前景使股票蓬勃发展。

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）本周向投资者发表了混合的新闻，第三季度结果超过了期望，但未来的Outlook会使股票跌倒。

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.

该公司报告说，第三季度调整后的收益为每股0.31美元，收入为46亿美元。与分析师的预期相比，这略微胜过。

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

但是，在接下来的季度和财政年度令人失望的指导中，积极的收益新闻掩盖了。

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现在预计第四季度调整后的收入将在每股0.40美元至0.50美元之间。这幅度不足华尔街估计为每股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.

该6月季度的收入预计在56亿至64亿美元之间。分析师一直在寻找66.5亿美元。

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.

周二晚上发布后，该公司的股票在周三的上市交易中下跌了4.5％。对于SMCI股票而言，这持续了很难，在过去的12个月中，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.

华尔街分析师在超级微观的前景上仍然有分歧。根据FactSet的说法，四位分析师对此进行了评价，五个分析师将其保留，并建议卖出。

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年对更广泛的市场表现出了一定的相对强度。自今年年初以来，该股票上涨了约5.5％，而同期标准普尔500指数下跌了3.9％。

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

尽管公司面临着持续的挑战，但今年至今的表现会超过表现。

Customer Delays Impact Forecast

客户延迟影响预测

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

首席执行官查尔斯·利安格（Charles Liang）指出，推动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.

“一些客户推迟了本季度做出平台决策，” Liang在收益发布中解释说。他表示乐观，这些承诺最终将在6月和9月的季度实现。

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

但是，梁还警告说，“经济不确定性和关税影响可能会对公司的绩效产生短期影响”。

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.

修订后的2025财年收入指南现在为218亿美元至226亿美元。这是从先前的235亿美元估计到250亿美元的估计大幅减少。

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

分析师共识预计2025年的收入为236亿美元，甚至将新指南范围的高端低于市场预期。

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于4月29日发布的初步收益公告已经暗示了挑战。首次预览之后，该股票在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.

该服务器技术公司的收入最近有不同的往绩。在过去的四个季度中，Super Micro超过了共识EPS的估计两次，预期收入的预期超过了三倍。

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

超级微型在关键的云计算领域运行。该公司的服务器经常使用NVIDIA芯片并为许多主要的技术公司服务。

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.

在人工智能供应链中的这一职位以前使SMCI成为寻求接触AI繁荣的投资者的最爱。但是，该公司在延迟结果并替换其审计师后面临着其他挑战。

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

当前的前景反映了服务器市场中的持续压力，其经济因素和贸易政策的潜在影响影响了客户决策。