超微电脑增长神话破灭？“价格战”威胁利润率，盘后大跌16%

Core Viewpoint - The latest earnings report from Supermicro has disappointed investors, leading to a significant drop in stock price despite the company's previous strong performance in the AI sector [1][4]. Financial Performance - For the fourth quarter, Supermicro reported revenue of $5.76 billion, a year-over-year increase of 7.5%, but below analyst expectations of $6.01 billion [1]. - Adjusted earnings per share were $0.41, also falling short of the anticipated $0.44 [1]. - The company has significantly lowered its revenue guidance for the next quarter to between $6 billion and $7 billion, and adjusted earnings per share to between $0.40 and $0.52 [1][2]. Profitability Challenges - The company expects an operating profit margin of only 5% for the next quarter, which is well below the analyst forecast of 7% [2][7]. - Supermicro faces dual pressures from inventory backlog and pricing competition, particularly from Dell [7]. Business Difficulties - Demand for current products is being impacted as customers are waiting for the latest NVIDIA chip products [3][7]. - The company is struggling with old inventory while trying to compete for large AI server orders at lower prices [7]. Future Outlook - Supermicro has revised its revenue forecast for the fiscal year 2026 from $40 billion to $33 billion, a reduction of 17.5% [8]. - The optimistic growth expectations earlier this year, driven by AI product demand, have been replaced by a more competitive pricing environment [9].