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Super Micro Computer shares tumbled in extended trading on Tuesday after the company said it cannot predict when it will file its delayed 2024 annual report, exacerbating concerns about the delisting.
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The server maker also reported preliminary revenue numbers for its fiscal first quarter that missed analysts' expectations.
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Tuesday's update comes after shares plunged last week following EY's resignation as the company's auditor, and follows months of speculation about the company's accounting practices.
Supermicrocomputer (SMCI) shares tumbled in extended trading on Tuesday after the server maker said it is “still unable at this time to predict” when it will file its delayed 2024 annual report, exacerbating concerns about the delisting.
The company previously announced that it received a letter from Nasdaq on September 17 warning that it is not complying with the exchange's rules, which require the “timely filing” of reports. The company was given 60 days to file or submit a plan, which would last until November 16.
Shares of Super Micro Computer tumbled more than 15% in extended trading Tuesday following the news.
Super Micro Computer also reported preliminary revenue numbers for its first fiscal quarter, which missed analysts' expectations of $5.9 billion to $6 billion, compared to the company's previous range of $6 billion to $7 billion. Super Micro Computer said it expects earnings per share (EPS) of 68 cents to 70 cents, up from 27 cents a year earlier and slightly above estimates. The company underwent a stock split in September.
Tuesday's update comes after shares tumbled last week following the resignation of accounting firm EY as the company's auditor, and follows months of speculation about the company's accounting practices. EY said it was “unwilling to be associated with the financial statements prepared by management,” about a month after reports emerged that the Justice Department had opened an investigation into the company.
CORRECTION – Nov. August 5, 2024: This article has been corrected to reflect Super Micro Computer's reported fiscal first quarter 2024 earnings of 27 cents per share. The company underwent a stock split in September.
