Super Micro Computer Stock Fluctuates After Earnings Miss, SEC Filing Deadline Extension
Super Micro Computer (SMCI) shares experienced volatility in after-hours trading on Tuesday following the company's preliminary second-quarter earnings announcement and an extension granted for SEC filings.
Key Takeaways:
* Revenue Miss: SMCI reported expected revenue of $5.6-$5.7 billion for the quarter, below analysts' consensus estimate of $5.95 billion.
* Earnings Cut: The company lowered its revenue guidance for fiscal 2025 to $23.5-$25 billion from a previous range of $26-$30 billion.
* NASDAQ Extension: SMCI received an extension from Nasdaq to submit delayed filings by February 25 to avoid delisting.
* Investigation and Lawsuits: The company confirmed receipt of subpoenas from the DOJ and SEC related to allegations in a short-seller report. SMCI faces several securities lawsuits but believes they lack merit.
Share Price Movement:
* SMCI shares initially dropped 19% after the earnings results but quickly reversed direction.
* By the end of trading, shares were up over 3%.
Context:
Super Micro Computer is a server maker that uses Nvidia's Blackwell AI chips. In 2024, the company faced allegations of accounting violations from short-selling firm Hindenburg Research.
The company's delayed SEC filings and an accounting firm resignation raised delisting concerns from Nasdaq. However, the recently granted extension provides SMCI with additional time to submit the filings.
Additional Information:
* SMCI has hired a new accountant.
* An independent review of the company's business found no evidence of misconduct.
* The company continues to cooperate with regulatory investigations.