盘后大跌16%！超微电脑增长神话破灭？大幅下调营收指引，“价格战”威胁利润率

Core Viewpoint - The recent earnings report from the company indicates a significant decline in revenue expectations and profitability, highlighting the challenges faced in a competitive market despite the ongoing AI trend [1][3][7]. Financial Performance - In the fourth quarter, the company reported revenue of $5.76 billion, a year-over-year increase of 7.5%, but below analyst expectations of $6.01 billion [3][4]. - Adjusted earnings per share were $0.41, also falling short of the anticipated $0.44 [3][4]. Downgraded Expectations - The company expects next quarter's revenue to be between $6 billion and $7 billion, significantly lower than analyst forecasts [4]. - Revenue expectations for fiscal year 2026 have been revised down from $40 billion to $33 billion, a decrease of 17.5% [4][13]. Profitability Pressure - The projected operating profit margin for the next quarter is only 5%, well below the analyst expectation of 7% [5][10]. - The company faces dual pressures from inventory backlog and pricing competition, particularly from Dell [5][12]. Business Challenges - Customers are delaying purchases in anticipation of new products featuring the latest NVIDIA chips, negatively impacting current product demand [5][10][12]. - The company is struggling with old inventory and is compelled to accept lower prices to secure large AI server orders, reflecting a broader trend in the industry [10][12][13]. Market Reaction - Following the disappointing earnings report and lowered guidance, the company's stock price fell over 16% in after-hours trading [1][7]. - The stock had previously surged 88% this year, driven by optimistic market sentiment regarding AI, but the recent developments have dampened this enthusiasm [7][13].