Super Micro Computer Misses Estimates, Expects to Avoid Delisting
Super Micro Computer (SMCI) has released preliminary Q2 results below expectations, forecasting revenue of $5.6-$5.7 billion. This falls short of the previously anticipated $5.5-$6.1 billion range. The company also projects adjusted EPS of 58-60 cents, lower than its earlier forecast.
For Q3, Supermicro anticipates revenue of $5-$6 billion and adjusted EPS of 46-62 cents.
Additionally, the company announced intentions to submit its delayed financial reports by Nasdaq's February 25th deadline, aiming to avoid delisting. Concerns surrounding Supermicro's accounting practices had raised the possibility of delisting.
An independent special committee formed by Supermicro concluded in December that its investigation "did not raise any substantial concerns about the integrity of Supermicro's senior management."
After-hours trading for Supermicro shares saw fluctuations. The stock had declined by almost 10% during regular trading hours on Tuesday, eroding gains since the update's February 3rd announcement. Over the past year, Supermicro shares have lost more than half their value.