Super Micro Computer (SMCI) reported third-quarter fiscal 2025 revenue of $4.6 billion, up 19% year-over-year but down 19% from the previous quarter, missing analyst expectations of $4.76 billion. Adjusted earnings per share were $0.31, below the $0.37 consensus, while diluted EPS was $0.17, down from $0.51 in Q2 2025 and $0.66 in Q3 2024. Net income for the quarter was $109 million. The company lowered its full-year 2025 revenue forecast to a range of $21.8 billion to $22.6 billion, down from its previous guidance of $23.5 billion to $25 billion, citing economic uncertainty and the impact of new U.S. tariffs. Gross margin declined to 9.6%, with non-GAAP gross margin at 9.7%, compared to 11.8% in the previous quarter and 15.5% a year earlier. The company also cited inventory write-downs as a factor impacting results. Super Micro's guidance for the fourth quarter projects revenue between $5.6 billion and $6.4 billion, below analyst estimates of $6.59 billion, and adjusted EPS of $0.40 to $0.50, below the $0.64 consensus. The company attributed the softer outlook to customer delays in platform decisions, particularly related to the transition to Nvidia's Blackwell GPUs. Following the announcement, Super Micro shares dropped as much as 7.3% in pre-market trading. The company noted that tariffs imposed by the Trump administration and increased price competition in the AI server market contributed to the outlook.