Super Micro stock jumps 9% after-hours due to Nasdaq extension for financial reports

From Investing.com: 2024-12-06 20:10:04

Super Micro Computer Inc shares surged 9% after-hours following an extension granted by Nasdaq to submit overdue financial reports. The deadline is February 25, 2025, for filings including the Annual Report on Form 10-K and Quarterly Report on Form 10-Q for fiscal year 2024.

The extension comes after appointing BDO USA as new auditor and submitting a compliance plan to Nasdaq. Ernst & Young resigned in November due to concerns, leading to the delay in 10-K filing since August.

Super Micro remains optimistic about meeting the new deadline, essential for its Nasdaq listing. An independent review found no fraud, prompting the search for a new CFO.

Despite accounting issues, the company reported strong demand for AI servers with liquid cooling technology. However, it adjusted its finance guidance for Q1 FY 2025, projecting net sales of $5.9-$6.0 billion and non-GAAP diluted net income per share of $0.75-$0.76.

Despite a 55% year-to-date increase, SMCI shares are down 64% from its 52-week high in March, closing at a lower price on Friday.



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