Super Micro tumbles on lower guidance, further delay in filing
The embattled semiconductor company Super Micro Computer cut guidance for its first quarter earnings and said that it “remains unable at this time to predict” when it will be able file its annual report. Shares of Super Micro fell over 13% in after-hours trading.
In a press release, Super Micro announced preliminary results for the first quarter of 2025. The company expected net sales for the quarter to be $5.9 billion to $6 billion, down from a previous guidance of $6 billion to $7 billion. Analysts were expecting an average of $6.4 billion, according to FactSet.
The company also lowered the upper end of expected earnings per share. It is now expecting non-GAAP earnings per share to be between $0.75 to $0.76, instead of previous guidance of $0.67 to $0.83. Wall Street expected $0.73.
Super Micro “continues to work diligently on matters related to the Form 10-K for the fiscal year ended June 30, 2024,” the company said. The annual filing was due on August 29, 2024 but Super Micro said it was not able to file the report on time. This followed a short seller’s report alleging accounting irregularities, questionable governance, and sanctions evasion at Super Micro. Just last month, auditor Ernst & Young resigned, dragging shares down as much as 30%.
However, Super Micro said in the release that an independent committee of its board of directors had completed an investigation based on EY’s concerns, which revealed “no evidence of fraud or misconduct.”
In a call with investors, Super Micro CEO Charles Liang said that he was confident the challenges would not affect the company’s ability to serve its customers.
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