Before we start I’ll remind you that our remarks include forward-looking statements. There are a number of risk factors that could cause Super Micro’s future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10(k) for fiscal 2011 and our other SEC filings. All of those documents are available from the Investor Relations page of Super Micro’s website at www.supermicro.com. We assume no obligation to update any forward-looking statements.
Most of today’s presentation will refer to non-GAAP financial results and outlooks. For an explanation of our non-GAAP financial measures, please refer to Slide 3 of this presentation or to our press release published earlier today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today’s press release and in the supplemental information attached to today’s presentation.
I’ll now turn the call over to Charles Liang, Chairman and Chief Executive Officer.
Charles LiangThank you, Perry, and good afternoon everyone. Please turn to Slide 4. First let me provide you with the highlights of our FQ1. FQ1 revenue was $247.9 million or 4.8% lower than last quarter, and 19.6% higher year-over-year. After-tax net income was $10.5 million or 19.3% lower quarter-over-quarter and 13.2% higher compared to last year. Super Micro’s diluted earnings per share was $0.24 per diluted share compared to $0.29 last quarter or $0.22 last year. Slide 5, please. With this FQ1 results we have demonstrated a strong start to our earnings fiscal year in the seasonally soft quarter. We anticipated this softness in our August guidance and this quarter unfolded as expected by achieving approximately 20% revenue growth year-over-year. In the past two quarters we have sold more than $0.5 billion of server and storage products, indicating good growth momentum, although in these past quarter there were lots of macroeconomic concerns in the United States and in Europe in addition to somewhat seasonal softness. This impact was relatively minor to our business.