Important points
Shares of Super Microcomputer (SMCI) fell sharply in after-hours trading on Tuesday after the server maker said it was “not yet possible to predict at this time” when it would file its delayed 2024 annual report. , concerns about delisting increased.
The company previously said it received a letter from Nasdaq on Sept. 17 warning it was not complying with the exchange’s rules requiring “timely filing” of reports. The company has 60 days to submit or submit its plans, which are due by Nov. 16.
Supermicrocomputer’s stock price plunged more than 15% in extended trading Tuesday on the news.
Preliminary earnings numbers fall short of expectations
The supermicrocomputer also reported preliminary first-quarter sales of $5.9 billion, below analysts’ expectations and below the company’s previous guidance of a range of $6 billion to $7 billion. It was $6 billion. The supermicrocomputer said it expects earnings per share (EPS) to be between 68 cents and 70 cents, compared with 27 cents in the year-ago period, slightly above expectations. The company conducted a stock split in September.
Latest information after resignation as EY auditor
Tuesday’s update comes after the stock price plunged last week after accounting firm EY resigned as the company’s auditor, and after months of speculation about the company’s accounting practices. About a month after reports emerged that the Justice Department had begun an investigation into the company, EY said it “does not want to be involved in the financial statements prepared by management.”
Correction—November 5, 2024: This article has been updated to correct Super Micro Computers’ earnings for the first quarter of 2024. The company conducted a stock split in September.
