Super Micro Shares Plunge 18% After Cutting Guidance, Unable to File Annual Report; Investigation Finds No Fraud

Nov 5, 2024, 09:23 PM

Super Micro Computer Inc. ($SMCI), a key partner of Nvidia, saw its shares decline by as much as 18% in after-hours trading after the company reported preliminary first-quarter results and provided guidance below analyst expectations. The company announced it is still unable to provide a timetable for filing its delayed annual report, originally due on August 29, 2024. An independent investigation by a special committee found no evidence of fraud or misconduct by management or the board but recommended remedial governance measures. Super Micro Computer lowered its revenue outlook for the first quarter, with preliminary results showing an 8% revenue miss and guidance for second-quarter revenues down by 16%. The stock, which is down over 80% from its recent all-time high, reacted sharply to the news in extended trading.