I’ll now turn the call over to Charles Liang, Chairman and Chief Executive Officer.
Thank you, Perry, and good afternoon everyone. Please turn to slide four. First let me provide you with the highlights of our first quarter. We’re pleased that our first quarter revenue was $275.9 million or 14.9% higher quarter-over-quarter and 6% higher year-over-year. This result is a record high for Super Micro. Non-GAAP net income was $8.1 million or 7.9% lower quarter-over-quarter and 37.5% lower compared to last year.
Super Micro’s non-GAAP earnings per share was $0.18 per diluted share compared to $0.19 last quarter or $0.29 last year.Slide five please. Let me start with our results last quarter as well as our achievement and challenges in the last fiscal year. I will then provide some insights on our plans for upcoming year. Last quarter we achieved record high revenue that sum up to over $1 billion revenue for our fiscal year. We are especially pleased with the strong performance of our complete rack solutions which has grown rapidly over the last year at almost 300% growth quarter-over-quarter. This rack of solutions combined with our server systems contributed to 44.6% of our total revenue last quarter. Furthermore 46.6% of our business last quarter came from OEM and direct customers and especially internet data center which were 15.2% of sales. Geographically, our revenue in North America was 57.4% and stronger than last quarter while Europe was 22.4% and Asia was 17.5% slightly lower from last quarter. Despite the weak global economic conditions that had impacted the rate of our growth, our business have been able to grow overall. Our margins (inaudible) last quarter mainly due to the drop in hard driver price as well as some price drop also happened to our memory team component. However we believe that most of the impact to our margin occurred last quarter and the supply and demand conditions are in process of stabilizing. Read the rest of this transcript for free on seekingalpha.com