Super Micro's Preliminary Q1 Revenue Tops Its Own Guidance by About $4 Billion, Shares Jump 12%

SMCI said after the close on October 20 that its fiscal first-quarter 2027 revenue, for the quarter ended September 30, 2026, is estimated at $18.5 billion to $19.5 billion. That compares with the company's own guidance of $14.5 billion to $15.5 billion, which management attributed primarily to increased demand for AI platforms. The company also estimated gross margin of 12.0% to 12.5%, versus guidance of 10.4% to 10.8%. The figures are preliminary and unaudited, and the company cautioned that actual results may differ materially.

The move is large against both the company's own outlook and the Street. Yahoo Finance reported that the midpoint of the new range compares with an analyst consensus of $14.99 billion, while Reuters, citing LSEG-compiled estimates, put consensus at $15.23 billion. The two figures differ because they come from different data compilers, but the new range sits well above either. Reuters also noted the margin estimate was above analysts' estimate of 10.15%.

Shares reacted quickly. They were 11.3% higher in after-hours trading on October 20, and Reuters reported a 12.2% gain to $36.44 in premarket trading on October 21. Other outlets cited premarket gains of 12% to 13%. Reuters said Dell and HPE also gained 5.2% and 4%, respectively, before the bell, so DELL and HPE traded in sympathy. Reuters framed the update against a backdrop in which Microsoft, Google, Amazon and Meta are expected to spend more than $700 billion on AI infrastructure this year.

What to watch: the numbers are estimates, not reported results, so the full earnings release matters. Super Micro scheduled its earnings call for Tuesday, November 3, 2026, at 5:00 p.m. ET. Investors may look there for confirmation of the final revenue and margin figures, and for how much of the quarter's AI demand carries into later periods.