Super Micro Computer Stock Is Soaring After Hours: What's Going On?

Super Micro Computer Inc SMCI shares are surging in Tuesday’s after-hours session after the company filed its delayed quarterly and annual reports with the U.S. Securities and Exchange Commission.

What Happened: After the market close on Tuesday, Super Micro filed its delayed annual report for the fiscal year ended June 30, 2024, as well as its delayed quarterly reports for the three-month periods ended Sept. 30, 2024 and Dec. 31, 2024.

Super Micro's independent auditor Ernst & Young resigned last October over governance and transparency concerns, which caused the company to delay the filing of its quarterly and full-year results. Following the resignation, an independent Special Committee found no evidence of fraud or misconduct on the part of management or the company’s board.

“We disagreed with EY's decision to resign as our independent registered public accounting firm for a number of reasons … Due to EY's stated concerns and subsequent resignation, we were unable to timely file our Annual Report on Form 10-K,” the company said in an explanatory note in Tuesday’s filing.

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Super Micro reported preliminary second-quarter financial results earlier this month. The company said at the time it expected to report second-quarter revenue of $5.6 billion to $5.7 billion and adjusted earnings of 58 cents to 60 cents per share.

The audited results filed on Tuesday show Super Micro brought in $5.68 billion in revenue in the second quarter. The company reported second-quarter earnings of 54 cents per share, below the lower end of the guidance range Super Micro provided two weeks ago.

Despite the apparent earnings miss, shares are soaring in extended trading after the company met the deadline for filing its delayed reports, which was set to expire on Tuesday.

SMCI Price Action: Super Micro shares were up 22.38% after hours, trading at $55.75 at the time of publication Tuesday, according to Benzinga Pro.

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