Super Micro Computer’s shares surged over 20% after the company submitted its delayed financial reports, beating a Nasdaq deadline that would have led to delisting. The stock had tumbled during Tuesday’s regular session due to concerns about meeting the filing requirements.
The company reported sales of $14.99 billion in fiscal 2024, more than doubling from the previous year, driven by growing demand for its products supporting artificial intelligence. This update comes after Super Micro confirmed it would meet the deadline, ending a five-day winning streak that had propelled shares higher.
Supermicro has faced months of uncertainty since delaying its annual report last August amid accusations of accounting manipulation that led to the resignation of its auditor. Despite this, the company’s shares have lost about half their value over the past year. The Nasdaq has confirmed Super Micro’s compliance with filing requirements, and the matter is now closed.
Source: https://www.investopedia.com/supermicro-stock-soars-in-extended-trading-as-server-maker-meets-filing-deadline-11686437