What's Going On With Super Micro Computer Stock Friday?

Super Micro Computer, Inc. SMCI shares are moving lower on continued volatility on Friday following the company’s quarterly report filing with the U.S. Securities and Exchange Commission.

What To Know: Earlier this week, the company filed its second-quarter earnings after a long delay triggered by the resignation of its former auditor, Ernst & Young, over internal control issues. It also filed its fiscal-year 2024 results and first-quarter earnings this week.

Super Micro managed to file its earnings just before Nasdaq’s Tuesday deadline, which the company risked de-listing from the index if it missed. Shares originally traded higher during Tuesday’s after-hours session and into Wednesday.

The server manufacturing company reported second-quarter earnings per share of 54 cents, missing analysts’ estimate of 64 cents. It reported revenue of $5.68 billion, missing analysts’ estimate of $5.87 billion.

An independent committee-led investigation found no signs of fraud involving the company’s management or board. Super Micro hired BDO as its new financial auditor.

In an explanatory note in Tuesday’s filing, the company stated, "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."

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SMCI Price Action: At the time of writing, Super Micro stock is trading 0.50% lower at $42.77, according to data from Benzinga Pro.

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