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Super Micro’s Quarterly Results Disappoint, Shares Drop Nearly 15.5%

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Super Micro (SMCI.O) missed Wall Street estimates for its fourth-quarter revenue and profit, as the company faces stiff competition from larger server manufacturers in the AI-driven high-performance computing market. Shares plunged about 15.5% in extended trading following the earnings release and multiple downward revisions to its full-year guidance.

The company now forecasts at least $33 billion in revenue for fiscal year 2026, falling short of its earlier target of around $40 billion set in February. Analyst expectations averaged $29.94 billion, according to LSEG data.

Despite gains in the competitive server market, Super Micro is losing ground to industry giants such as Dell Technologies (DELL.N) and HP Enterprise (HPE.N), which benefit from larger customer bases. Analyst Gil Luria of D.A. Davidson suggested customers prefer servers from these bigger players amid strong market demand.

Dell raised its annual profit forecast, and HP Enterprise beat second-quarter revenue and profit estimates, underscoring Super Micro’s challenges. CEO Charles Liang noted improved chip availability expected in the fiscal year ahead, following previous delays in Nvidia (NVDA.O) processor supplies that hurt recent quarters.

Super Micro’s shares have surged about 90% this year amid excitement over AI server demand and innovative cooling technologies. However, as Kim Forrest of Bokeh Capital Partners explained, investor enthusiasm for AI-related firms means any softness can trigger sharp sell-offs.

For the quarter ended June 30, Super Micro posted revenue of $5.76 billion, below the $5.89 billion consensus, and adjusted earnings per share of 41 cents, missing estimates of 44 cents due in part to tariff impacts.

Apple Supplier Skyworks Solutions Forecasts Strong Q4 Results on Robust Chip Demand

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Skyworks Solutions (SWKS.O), a key Apple supplier, projected fourth-quarter revenue and profit above Wall Street estimates on Tuesday, driven by sustained demand for its analog chips despite economic uncertainties. The company’s shares rose about 10% in extended trading.

CEO Phil Brace highlighted positive momentum in mobile markets and steady demand across sectors including edge IoT, automotive, and data centers. Skyworks designs and manufactures analog and mixed-signal chips used widely in wireless communications, automotive, industrial, and consumer electronics.

For the fourth quarter, Skyworks expects revenue between $1 billion and $1.03 billion, significantly higher than analyst estimates of $887.4 million. Adjusted earnings per share are forecast at $1.40, outperforming expectations of 97 cents per share.

In the third quarter ended June 27, Skyworks reported revenue of $965 million, beating estimates of $940.9 million. However, profit per share declined to 70 cents from 75 cents a year earlier. The company also recently appointed Robert Schriesheim as interim finance chief after a change in leadership plans earlier this year.

Intel Faces Yield Problems in Key 18A Manufacturing Process for Next PC Chip

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Intel’s ambitious push to regain leadership in high-end chip manufacturing has hit a significant hurdle. According to sources familiar with the matter, its next-generation “18A” production process — critical for the upcoming “Panther Lake” laptop chips — is struggling with low yields, raising concerns about profitability and competitiveness against industry leader TSMC.

The 18A process is central to Intel’s strategy of expanding its in-house chipmaking and building a competitive foundry business. Billions have been invested in factories and technology, aiming to close the gap with TSMC. Panther Lake, expected in high volumes in 2025, features next-gen transistors and a more efficient power delivery system.

However, early tests have shown disappointing results. Only a small fraction of chips have met required standards, with yields reportedly around 5% late last year and about 10% by mid-2024. Intel disputes these figures but has not disclosed official numbers. Industry norms suggest profitability usually requires yields between 70% and 80%. Without major improvements by the planned Q4 launch, Intel may face selling chips at reduced margins or even at a loss.

Intel CFO David Zinsner acknowledged yields “start off low and improve over time” and stressed that the product remains “fully on track.” Still, sources describe the 18A rollout as risky, likening it to a “Hail Mary” due to the simultaneous introduction of multiple untested technologies.

Compounding the challenge, defect rates per chip area are reportedly about three times higher than acceptable for mass production. While Intel is working to improve yields monthly, margins are not yet favorable even at current levels. The company has warned that without securing external business for 14A — the successor to 18A — it could exit advanced manufacturing altogether.

For now, Intel still relies partly on TSMC for some in-house designs. Its follow-up to Panther Lake, “Nova Lake,” is also expected to be produced partly by TSMC.