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Fortune

Amanda Gerut

Super Micro stock plunges after surprise customer delays cost up to $1.4 billion in sales

Super Micro Charles Liang Super Micro Computer

Charles Liang, chief executive officer of Super Micro Computer Inc., during the Computex conference in Taipei, Taiwan, on Wednesday, June 5, 2024. (Credit: Annabelle Chih/Bloomberg via Getty Images)

Hardware manufacturer and Fortune 500 tech firm Super Micro Computer has issued a disappointing update on its third quarter financial results. The tech giant reported on Tuesday that it expects a revenue shortfall of anywhere from $400 million to $1.4 billion and that its gross profit margins declined by 220 basis points compared to the previous quarter.

Time is money. And in Super Micro Computer’s case, customers need more time to make decisions about which tech platforms or server configurations to purchase. The lag in customer procurement pushed some expected sales from the third quarter into the fourth, Super Micro announced on Tuesday, sending its stock spiraling 3% during the day and more than 15% in after-hours trading.

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