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Super Micro (SMCI) is jumping 19% after the tech giant unveiled its fiscal 2024 financial results late yesterday. The move allowed the company, which also made some cautious comments in conjunction with the report, to avoid being delisted by the Nasdaq exchange after it missed a deadline last year to issue the financial data. Super Micro Barely Meets the Extended Deadline After SMCI missed an August due date to submit its financial results for the fiscal year that ended in June, Nasdaq extended the deadline to yesterday. Super Micro reported yesterday that it had been informed by Nasdaq that it was now in compliance with the exchange's rules on the matter.
A team of technicians in a server room, testing and managing the newest server solutions. But the company also warned yesterday that the internal controls of its financial reports had been ineffective, adding that it had launched "remediation measures.” SMCI's former auditor, Ernst & Young, resigned from the role in October, citing worries about SMCI's internal controls, the independence of its board and its accounting measures. The auditor also stated at the time that it was “unwilling to be associated with the financial statements prepared by management.” The Recent Price Action of SMCI Stock In the last month, the shares have jumped 90%, while they are up 54% over the last three months. While we acknowledge the potential of SMCI, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SMCI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock Disclosure: None. This article is originally published at Insider Monkey.