Super Micro Computer(US:SMCI) 智通财经网·2025-11-05 04:05Core Viewpoint - Supermicro Computer (SMCI.US) reported disappointing Q1 FY2026 earnings and revenue, leading to a stock price drop of over 9% after hours, marking the sixth consecutive quarter of underperformance against analyst expectations [1][3]. Financial Performance - Q1 FY2026 revenue was $5.02 billion, down from $5.94 billion year-over-year and below the analyst forecast of $6.09 billion [1]. - Adjusted earnings per share were $0.35, lower than the expected $0.41 but an increase from $0.07 in Q1 FY2025 [1]. Revenue Guidance - The company had previously lowered its revenue outlook for Q1 FY2026 from a range of $6 billion to $7 billion to $5 billion due to delays in revenue recognition from product design upgrades [2]. - Supermicro anticipates strong revenue growth for FY2026, projecting at least $36 billion in revenue, supported by over $13 billion in Blackwell Ultra orders [2]. Market Challenges - The company has faced scrutiny since a report by Hindenburg Research accused it of accounting violations and export control breaches, leading to delays in SEC filings and a risk of delisting from NASDAQ [3]. - Increased competition in the AI server market has raised concerns about Supermicro's long-term profitability, despite a year-to-date stock increase of over 50% [3].