uper Micro Computer Inc. marked this Tuesday its uncertainty about the annual report and stated that the investigation about its account practices didn’t
find evidence of fraud made by the Super Micro Computer company. It’s important to mention that recently the auditor of SMC company has unexpectedly resigned from its position.
Also recently the shares of California bases Super Micro Computer Inc. fell by 15.5% to $23.42 in the extended trading.
Soon, the company also anticipates that its profits will be somewhere between 48 cents and 58 cents per share, which is far below the initial estimates which expected about 75 per share.
Also, it should be mentioned that the Super Micro Computer company, has been turned into a key supplier for special cloud-computing providers like CoreWeave, which is focusing on supplying the chips from Nvidia for all AI.
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The SMC Chief Executive Charles Liang stated in a conference call with investors, that the SMC forecast reflects that they are in fact waiting for the latest Nvidia chips to come, He also stated that the computer servers from the SMC company will be created around these Nvidia chips, and they are currently prepared for the production without any delay or chip reduction.
Charles Liang, the SMC Chief Executive, founded the company in 1993, but he stated that is open to any initiative to separate the role of chairman and chief executive if needed, but currently, he holds both positions.
After its Ernst & Young auditor resigned from their position, Super Micro company raised investors' concerns and the risks of being delisted from the Nasdaq if the company did not meet its deadlines.
"It feels like yesterday this was a stock-market darling, showing how quickly things can change for investors and companies alike,", the chief market strategist from Carson Group stated.
During the conference call, the Super Micro Computer Inc. executives declined to address the analyst questions about the actual timing of the company's annual report and also avoided saying when they plan to bring in a new auditor.
Stay tuned for more Super Micro Computer news!
By
Raluca Matei
•
November 6, 2024 10:45 AM
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