Shares of Super Micro Computer (SMCI 20.13%) are soaring on Wednesday. The company's stock gained 19.2% by 10:45 a.m. ET and had been up as much as 23.4% earlier in the day. The leap comes as the S&P 500 index gained 0.7% and the Nasdaq Composite gained 1%.
Supermicro, a key partner of Nvidia, successfully met the deadline for its delayed 2024 financials. The numbers showed strong growth.
The company, which provides servers to artificial intelligence data centers, reported its FY 2024 financials on Tuesday, keeping the company in compliance with the Nasdaq. Supermicro had delayed its report after a series of problems including a bombshell investigative report by a short-seller alleging misconduct in its financial reporting, the resignation of its auditor, and the delay of its annual report. The company was going to be delisted from the Nasdaq if it failed to file the report by Feb. 25.
Along with the normal year-end results, the company included a note saying it had identified factors that led to its financial reporting missteps, including information technology (IT) problems and a lack of proper segregation of staff duties. Leadership assured investors that steps were being taken to remedy the problem areas.
The on-time filing was positive enough news to send shares higher, but the fact that earnings showed strong growth amplified the gain. The company more than doubled sales from 2023 to 2024 and nearly doubled its net income. Supermicro delivered $1.15 billion in net income on $14.99 billion in revenue during 2024.
Despite the company meeting the deadline and delivering strong growth, there are still questions about Supermicro's financial controls. It's also not the first time the company has faced scrutiny for financial irregularities. I would look elsewhere for now.
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