Super Micro Computer stock fell as much as 5% after the bell Tuesday after the company lowered its full-year revenue outlook and missed Wall Street’s expectations for third quarter earnings.
The AI server maker and Nvidia (NVDA) customer said it expects its full year revenue for 2025 to fall between $21.8 billion and $22.6 billion, down from its prior guidance of $23.5 billion and $25 billion.
Super Micro had previously moderated expectations ahead of its third quarter earnings report, lowering its projected range for its financial results for the March period in a regulatory filing last week. The update sent the stock plummeting 11.5% the following day.
As of Tuesday’s close, Super Micro shares were down nearly 39% in 2025. The stock has plunged as investors weigh the company’s AI-fueled growth against questionable accounting practices, growing competition, and macroeconomic uncertainties.
Super Micro’s third quarter earnings also missed the mark, but fell within the updated range provided by the server maker.
The company’s revenue of $4.6 billion was below the $4.76 expected by Wall Street analysts, according to Bloomberg data. Its adjusted earnings per share of $0.31 were below the projected $0.37.
Super Micro makes specialized computer servers with Nvidia’s chips that are used in data centers to power AI software. The company far underperformed other AI-themed stocks in 2024 as turmoil surrounding its accounting practices staved off investors.
A report published by short-selling firm Hindenburg Research last summer led to growing concerns over Super Micro’s accounting methods. The report accused the server maker of accounting violations, violations of export controls, and questionable relationships between its executives and key suppliers.
The company faced a prolonged risk of being delisted by the Nasdaq and was forced to find a new accountant after its prior one, Ernst & Young, resigned in a shocking rebuke of Super Micro management.
The company has avoided delisting and officially submitted all of its delayed regulatory filings to the US Securities and Exchange Commission in late April.
Still, Super Micro said in its April 24 filing that its financial results will “continue to be subject to fluctuation” and its attempt to address its accounting issues may not be a lasting fix.
“While we have initiated remediation measures to address the identified material weaknesses, we cannot provide assurance that our remediation efforts will be adequate to allow us to conclude that such controls will be effective in the future,” the company said.
