Super Micro stock slides 10% on weaker-than-expected outlook, uncertainty over annual filing

Published On Nov 5, 2024, 4:52 PM

Super Micro Computer's stock fell approximately 10% after the company released disappointing earnings forecasts, with adjusted earnings per share expected between $0.56 and $0.65, well below the $0.80 forecast by analysts. Additionally, the company has not filed its annual 10-K report due to unresolved issues, contributing to investor concerns. Following the resignation of its auditor, Ernst & Young, Super Micro stated that an investigation found no evidence of fraud or misconduct but plans to implement remedial measures for governance. The overall outlook for the company has turned negative, especially since an earlier report alleged accounting manipulation, leading to a drop of over 60% in stock price over the last six months.