Super Micro Computer Inc. shares dropped in the extended session Monday after the computer server and storage maker cut its outlook. Super Micro shares plunged 18% to $21.55 after hours. The company said it expects fiscal fourth-quarter adjusted earnings of 15 cents to 17 cents a share on revenue of $520 million to $524 million, down from its previous estimated range of earnings of 46 cents to 58 cents a share on revenue $580 million to $640 million. Analysts surveyed by FactSet had estimated earnings of 50 cents a share on revenue of $599.5 million. The company also announced a $100 million share buyback program.
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