On Tuesday after the close, the San Jose, Calif.-based server and computer storage manufacturer reported earnings of 58 cents per share on revenue of $762.25 million for the quarter ended Sept. 30.
Analysts were expecting earnings of just 16 cents per share on revenue of $748 million.
"We were pleased to deliver Q1 revenue above the midpoint of our guidance range in a turbulent demand environment," said CEO Charles Liang in a statement. "As expected, a number of our enterprise customers slowed their spending last quarter, but we are encouraged to see significant progress and growth with several high profile customers last quarter."
Super Micro shares jumped 19.2% to $27.67 in late morning trading Wednesday. The stock experienced a dip ahead of earnings, but shares are still up more than 40% year to date.
For 2021 fiscal Q2, the company said it expects net sales between $780 million and $880 million with earnings ranging between 35 cents and 58 cents per share. Analysts were expecting earnings of 25 cents per share on revenue of $798 million.
Super Micro also announced that its board has authorized a new $50 million stock repurchase plan.
"The stock repurchase program reflects our ongoing commitment to creating value for shareholders," said Liang. "We are currently taking an opportunistic approach to our stock repurchases while we continue to refine our longer-term capital allocation strategy."