Data center technology vendor SMART Global Holdings, owners of brands such as Penguin Computing and Smart Modular, this afternoon reported fiscal Q2 revenue and profit that both easily topped Wall Street's expectations, and an outlook that was higher as well. 

The company also said that its board of directors authorized share buybacks totaling$75 million, to be carried out "from time to time."

The report sent SMART Global shares down slightly in late trading. 

CEO Mark Adams called the results "solid," adding that they "culminated a strong first half of the fiscal year, and demonstrating the strength of our growth and diversification strategy."

Added Adams. "The results reflect our commitment to operational excellence by focusing on specialty solutions targeting growth markets such as AI, machine learning, data analytics, enterprise storage and edge/IoT. 

"Across all of our businesses, we are investing to capitalize on the growth opportunities in these market segments. In addition, our Board approved a$75 million share repurchase authorization, reflecting their confidence in the strength of our financial position while providing us the flexibility to return capital to our shareholders in a disciplined manner."

Revenue in the three months ended in February rose 48%, year over year, to$449 million, yielding a net profit of 87 cents a share, excluding some costs.

Analysts had been modeling$435 million and 72 cents per share.

For the current quarter, the company sees revenue of$435 million to$475 million, and EPS in a range of 67 cents to 83 cents. That compares to consensus for$452 million and a 71-cent profit per share.

Tech Earnings

SMART Global fiscal Q2 results, outlook top expectationsAdobe shares sag as outlook misses expectationsMicron stock jumps as fiscal Q2 results, outlook top expectationsOracle shares rebound, fiscal Q4 view tops expectationsPagerDuty stock surges as fiscal Q4 revenue, forecast top expectationsDocuSign shares plunge, Q1 and year views miss expectationsCrowdstrike reports Q4 revenue of$431 million and$1.45 billion for full yearBroadcom shares jump as fiscal Q1 results, outlook top expectations

• SMART Global fiscal Q2 results, outlook top expectations
• Adobe shares sag as outlook misses expectations
• Micron stock jumps as fiscal Q2 results, outlook top expectations
• Oracle shares rebound, fiscal Q4 view tops expectations
• PagerDuty stock surges as fiscal Q4 revenue, forecast top expectations
• DocuSign shares plunge, Q1 and year views miss expectations
• Crowdstrike reports Q4 revenue of$431 million and$1.45 billion for full year
• Broadcom shares jump as fiscal Q1 results, outlook top expectations