Why Super Micro Computer's Stock Is Plunging After Its Business Update Tuesday

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Why Super Micro Computer's Stock Is Plunging After Its Business Update Tuesday

Investopedia11-06

Key Takeaways Super Micro Computer shares plunged in extended trading Tuesday after the company said it's unable to predict when it will file its delayed annual report for 2024, exacerbating delisting...

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Tuesday's update comes after shares tumbled last week in the wake of EY's resignation as the company's auditor, and follows months of speculation about the company's accounting practices.Super Micro Computer  shares plunged in extended trading Tuesday after the server maker said it \"remains unable at this time to predict\" when it will file its delayed annual report for 2024, exacerbating delisting worries.The company previously disclosed it received a letter from the Nasdaq on Sept. 17 warning it is not in compliance with the exchange's rules, which require \"timely filing\" of reports.The company was given 60 days to file or submit a plan, which would be until Nov. 16.Shares","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0053671581.USD":"摩根大通美国小盘成长股 A(dist)","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4170":"电脑硬件、储存设备及电脑周边","SMCI":"超微电脑","BK4585":"ETF&股票定投概念","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4588":"碎股"},"translate_title":"为什么超微计算机周二发布业务更新后股价暴跌","themeId":"0bba22c0fd8ee7bdadb6a1aeeb99b109","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SMCI":1},"content_text":"Key Takeaways\nSuper Micro Computer shares plunged in extended trading Tuesday after the company said it's unable to predict when it will file its delayed annual report for 2024, exacerbating delisting worries.The server maker also reported preliminary revenue figures for the fiscal first quarter that missed analysts' projections. Tuesday's update comes after shares tumbled last week in the wake of EY's resignation as the company's auditor, and follows months of speculation about the company's accounting practices.\n Super Micro Computer (SMCI) shares plunged in extended trading Tuesday after the server maker said it \"remains unable at this time to predict\" when it will file its delayed annual report for 2024, exacerbating delisting worries.\n\n\n The company previously disclosed it received a letter from the Nasdaq on Sept. 17 warning it is not in compliance with the exchange's rules, which require \"timely filing\" of reports. The company was given 60 days to file or submit a plan, which would be until Nov. 16.\n\n\n Shares of Super Micro Computer plummeted over 15% in extended trading Tuesday following the news.\n\n\n  Preliminary Revenue Figures Miss Estimates  \n Super Micro Computer also reported preliminary revenue figures for the fiscal first quarter that missed analysts' projections at $5.9 billion to $6 billion, down from the company's previously guided range of $6 billion to $7 billion. Super Micro Computer said it expects earnings per share (EPS) of 68 cents to 70 cents, compared to 72 cents a year earlier and slightly above estimates.\n\n\n  Update Follows EY's Resignation as Auditor  \n Tuesday's update comes after shares tumbled last week in the wake of accounting firm EY's resignation 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 Department of Justice had opened an investigation into the company.\n\nDo you have a news tip for Investopedia reporters? 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