==Super Micro Computer (SMCI) reported earnings on Tue 5 Nov 24 (a/h)

 

Super Micro Computer sees Q1 EPS above consensus; Q1 revs below consensus; sees Q2 EPS and revs below consensus 

• Co issues guidance for Q1 (Sep), sees EPS of $0.75-0.76 vs. $0.73 FactSet Consensus; sees Q1 (Sep) revs of $5.9-6.0 bln vs. $6.44 bln FactSet Consensus.
• Co issues downside guidance for Q2 (Dec), sees EPS of $0.56-0.65 vs. $0.81 FactSet Consensus; sees Q2 (Dec) revs of $5.5-6.1 bln vs. $6.84 bln FactSet Consensus.
• As previously disclosed by the Company, in response to information that was brought to the attention of the Audit Committee of the Company's Board of Directors, the Board of Directors had formed an independent committee (the "Special Committee"). The Special Committee has today provided the following statement to Super Micro, but has not otherwise provided any additional details or information.
• "The Special Committee has completed its investigation based on a set of initial concerns raised by EY. Following a three-month investigation led by Independent Counsel, the Committee's investigation to date has found that the Audit Committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the Board of Directors. The Committee is recommending a series of remedial measures for the Company to strengthen its internal governance and oversight functions, and the Committee expects to deliver the full report on the completed work this week or next. The Special Committee has other work that is ongoing but expects it to be completed soon."
• Supermicro announced on September 20, 2024, that it received a notification letter from Nasdaq stating that the Company is not in compliance with Nasdaq listing rule 5250(c)(1), which requires timely filing of reports with the U.S. Securities and Exchange Commission (the "SEC"). The September 17, 2024, letter was sent as a result of the Company's delay in filing its Form 10-K. The Company filed a Form 12b-25 on August 30, 2024.
• Under the Nasdaq rules, the Company has 60 days from the date of the notice either to file the Form 10-K or to submit a plan to Nasdaq to regain compliance with Nasdaq's listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 days from the Form 10-K's due date to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.