05:12 AM EDT, 05/01/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Super Micro Computer's ( SMCI ) shares slumped 9.6% in premarket activity on Wednesday after the company's fiscal Q3 net sales grew slower than forecast.

The company reported fiscal Q3 non-GAAP net income late Tuesday of $6.65 per diluted share, up from $1.63 a year earlier.

Analysts polled by Capital IQ expected $5.57.

Net sales for the quarter ended March 31 rose to $3.85 billion from $1.28 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.90 billion.

For fiscal Q4, the company is projecting non-GAAP net income of $7.62 to $8.42 per share on net sales of $5.1 billion to $5.5 billion. Analysts polled by Capital IQ expect $6.96 and $4.86 billion, respectively.

Super Micro Computer ( SMCI ) said it raised fiscal 2024 revenue guidance to $14.7 billion to $15.1 billion from $14.3 billion to $14.7 billion. Analysts polled by Capital IQ expect $14.59 billion.

The company expects fiscal 2024 non-GAAP EPS of $23.29 to $24.09. Analysts surveyed by Capital IQ expect $21.85.

Price: 771.99, Change: -86.81, Percent Change: -10.11