SuperMicro (NASDAQ:SMCI) is a manufacturer of high performance and highly efficient servers. Over the last several years, the company has been steadily growing revenue. Since 2009, revenue has increased at a CAGR of 23.7% or 190.2% in total. Until recently, the company's rapid revenue growth was occurring at the expense of gross margin. Gross margin was 17.5% in 2009 but slipped to 13.8% by 2013. Management was deliberately sacrificing margin in order to gain market share. This strategy caused operating and net income to fluctuate significantly year to year. Operating and net income were $23.3 million and $16.1 million in 2009. As revenue grew rapidly, operating and net income rose to $58.7 million and $40.2 million by 2011....
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