Shares of Super Micro Computer (SMCI) are down 20% after the maker of high-efficiency servers reported third-quarter financial results that missed Wall Street targets.
At the same time, the company said it has no timetable to release its long-delayed annual report, which has put it at risk of being delisted from the Nasdaq exchange on which its stock trades.
For the quarter ended Sept. 30, Super Micro Computer released unaudited financial results that showed earnings per share (EPS) of $0.75 U.S., which was ahead of Wall Street’s consensus estimate of $0.73 U.S.
Revenue in the period came in at $6 billion U.S., which was below the $6.45 billion U.S. expected among analysts.
Super Micro Computer also provided weak guidance, saying it expects sales in the current quarter of $5.5 billion U.S. to $6.1 billion U.S., which is below the $6.84 billion U.S. estimate of analysts.
The financial results are the latest bad news from Super Micro Computer. The company’s shares plunged over the past week after the company’s auditor, Ernst & Young, resigned.
Super Micro Computer has been accused by activist investors of accounting manipulation and irregularities – charges that seem to have been confirmed by the resignation of Ernst & Young.
Management at Super Micro Computer has said that it is in the process of hiring a new auditor.
Super Micro Computer faces delisting from the Nasdaq stock exchange if it doesn’t file its annual report with the U.S. Securities and Exchange Commission (SEC) by mid-November.
The company hasn’t reported any audited results since May of this year.
Super Micro Computer’s stock is now down 3% on the year and trading at $27.70 U.S. per share.
Tech Insider
