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BILLERICA, Mass.--(BUSINESS WIRE)--Nov 22, 2024-- Quanterix Corporation (NASDAQ: QTRX) today announced that it received a notice (the “Notice”) on November 21, 2024 from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Form 10-Q"), it is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”). The Notice has no immediate effect on the listing or trading of the Company’s common stock on Nasdaq. Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice, or until January 20, 2025, to submit a plan to regain compliance with the Rule. On November 12, 2024, the Company previously announced that it would be delayed in filing the Form 10-Q due to the need to restate the Company’s audited consolidated financial statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, and its unaudited consolidated financial statements for the quarterly and year-to-date (as applicable) periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024. The Notice from Nasdaq is standard practice in the event of a delayed periodic financial report filing and was anticipated. The Company is continuing to work expeditiously to complete the filing of the Form 10-Q and remains on track to complete the restatement and all required filings by the end of 2024. This announcement is made in compliance with Nasdaq Listing Rule 5250(b)(2). About Quanterix From discovery to diagnostics, Quanterix’s ultrasensitive biomarker detection is fueling breakthroughs only made possible through its unparalleled sensitivity and flexibility. The Company’s Simoa ® technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ). Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 3,100 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn . Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release are based on Quanterix’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Factors that may cause Quanterix’s actual results to differ from those expressed or implied in the forward-looking statements in this press release include, but are not limited to, that the Company may have underestimated the scope and impact of the restatement of certain of its financial statement and the risk that the Company’s restated financial statements may take longer to complete than expected, as well as those described in our periodic reports filed with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Quanterix assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available. View source version on businesswire.com : https://www.businesswire.com/news/home/20241122959546/en/ CONTACT: Media: media@quanterix.comInvestor Relations: Amy Achorn (978) 488-1854 ir@quanterix.com KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: BIOTECHNOLOGY HEALTH TECHNOLOGY HEALTH MEDICAL DEVICES SOURCE: Quanterix Corporation Copyright Business Wire 2024. PUB: 11/22/2024 05:00 PM/DISC: 11/22/2024 05:02 PM http://www.businesswire.com/news/home/20241122959546/en
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SAN FRANCISCO , Nov. 26, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today announced the appointment of Janesh Moorjani as the company's chief financial officer, effective December 16, 2024 . Moorjani brings over 20 years of experience in the technology industry, with deep expertise in driving growth and efficiency at scale. Most recently, Moorjani served as CFO and COO of Elastic NV (NYSE: ESTC), the Search AI Company. Reporting to chief executive officer Andrew Anagnost , Moorjani will lead and oversee Autodesk's global finance organization. Moorjani will succeed interim chief financial officer Elizabeth "Betsy" Rafael, who will serve as an advisor to the company through the end of fiscal 2025 and will continue to serve on Autodesk's Board of Directors, resuming her status as an independent director following the transition period and end of her employment by the company. "We are excited to welcome such a high-caliber and seasoned CFO in Janesh," said Andrew Anagnost , president and CEO of Autodesk. "His deep finance and software experience will be instrumental in supporting Autodesk's continued momentum with sustained growth and enhanced profitability. I look forward to partnering with Janesh to drive Autodesk's successful path forward and continue creating additional value for our stockholders. I also thank Betsy for stepping into the interim CFO role at an important time for Autodesk, and for her continued contributions both through the transition and as a qualified and experienced board member moving forward." Moorjani brings strong experience leading dynamic public software companies. He recently was CFO of Elastic since 2017 and assumed the additional responsibilities of COO in 2022. Prior to Elastic, he served in executive and leadership roles at Infoblox, VMware, Cisco, PTC, and Goldman Sachs. He currently serves on the Board of Directors of Cohesity, a leading AI-powered data security and data management company. "I am thrilled to join Autodesk and work with Andrew, the company's strong management team and the Board to capitalize on the compelling growth opportunities we have ahead," said Moorjani. "Autodesk has established a clear leadership position as a technology innovator by providing differentiated and connected solutions that allow customers across industries to design and make anything. I look forward to working with the team to build on Autodesk's strong financial foundation to drive continued growth, profitability and free cash flow to ultimately deliver sustainable stockholder value." ABOUT AUTODESK The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything Autodesk is a registered trademark of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. SAFE HARBOR STATEMENT This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements regarding our strategies, performance, results, growth, profitability and free cash flow, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. View original content to download multimedia: https://www.prnewswire.com/news-releases/autodesk-appoints-janesh-moorjani-as-chief-financial-officer-302316577.html SOURCE Autodesk, Inc.49ers mailbag: Why not Josh Dobbs? What changes are looming this offseason?Is Tesla Stock A Buy Or A Sell After Analyst Hikes Price Target; 'Optimus Is Real'
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Blockchain Association, DeFi Education Fund and Texas Blockchain Council have filed a lawsuit against the IRS (Internal Revenue Service), a US government body responsible for collecting federal taxes over new "broker" rules. These organisations reportedly argued that the new rules threatened the US crypto industry. The latest broker rules, applied to decentralised finance and wallet providers, were "unconstitutional" and an "overreach of authority", according to the coalition. These firms claimed that the new IRS regulations, set to be in effect in 2027, infringed privacy rights and pushed innovation offshore. VC Investment Surge: Ventura Capital Activities in India Increase to USD 16.8 Billion From January to November 2024, Says IBEF. 🇺🇸 Three organizations— @BlockchainAssn , @fund_defi , and @TXblockchain_ —have filed a lawsuit against the IRS over new "broker" rules they believe threaten the U.S. crypto industry. They argue the rules, which apply to decentralized finance and wallet providers, are... — Bitcoin.com News (@BTCTN) December 29, 2024 (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter (X), Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.)Devon Energy (NYSE:DVN) Shares Up 1.4% – What’s Next?
The 2024 season hasn’t finished. There are still conference championship games to play, an expanded College Football Playoff to look forward to and bowl season in the near future. However, the first important date for the 2025 season is here. “Signing day is the fourth, portal opens on the ninth,” coach Jedd Fisch said on Nov. 25. "I'm sure there's going to be a ton of discussions, and at that point in time we can really visit what it's going to look like in the future, what's the 2025 calendar year going to look like and what's this team going to look like moving forward." Fisch and the Huskies will have their first chance to sign high school recruits for the 2025 season when the three-day early signing period begins on Wednesday. Washington currently holds commitments from 28 high school football players from across the country, and 247Sports composite ratings ranks UW’s 2025 recruiting class No. 19 nationally. UW has 16 offensive recruits, 11 defensive prospects and one specialist committed. California is home to 11 of them, five are from Washington, three from Oregon, two from Arizona, while Alabama, Florida, Hawaii, Illinois, Maryland, North Dakota and Texas each have one representative. The Division I Council previously voted to eliminate the 25-player limit on football recruiting classes on Oct. 4, 2023. The limit was initially suspended for two years starting in 2021 because of questions surrounding the COVID-19 pandemic. Of course, this signing period is almost three weeks earlier than its past iterations. The Collegiate Commissioners Association, which oversees and administers the National Letter of Intent program, announced the change back in March. The early signing period was initially introduced in 2017. Moving the early signing period forward helped reduce the stress of an overcrowded December recruiting calendar. During the past few seasons, the early signing period and the transfer portal overlapped. This year, however, the early signing period will end on Friday, while the portal won’t officially open until Dec. 9. New dates aren’t the only changes to the early signing period. In October, the NCAA Division I Council announced the elimination of the NLI program, which was first established in 1964. Instead, high school recruits will sign aid agreements on Wednesday, which serve a similar purpose. The agreements bind players to their chosen school unless they officially enter the transfer portal, while also prohibiting recruitment communications with other programs. They also may contain contracts for revenue sharing, which the House v. NCAA settlement allows starting next season. Big Ten honors announced Fifth-year linebacker Carson Bruener and junior running back Jonah Coleman earned third-team All-Big Ten honors when the conference announced its end-of-season awards on Tuesday. Bruener was a consensus selection by the coaches and the media. The Woodinville native and UW captain has 93 tackles, two tackles for a loss, a forced fumble, three interceptions, and five pass breakups during his final season in purple and gold. Bruener was an All-Pac-12 honorable mention in 2023. Coleman, who was chosen by the media, has 1,011 yards on 184 carries and 10 touchdowns in his debut season with Washington. He’s averaging 5.5 yards per attempt and 84.3 rushing yards per game. Coleman, who was an All-Pac-12 honorable mention at Arizona in 2023, also has 22 catches for 170 yards. The Big Ten coaches chose Ohio State’s TreVeyon Henderson instead of Coleman for the third-team running back spot, choosing the Washington running back as an honorable mention instead. Additionally, sophomore wide receiver Denzel Boston was a consensus All-Big Ten honorable mention. The coaches also selected senior tight end Keleki Latu, sixth-year linebacker Alphonzo Tuputala, senior defensive tackle Sebastian Valdez and senior cornerback Thaddeus Dixon as All-Big Ten honorable mentions. Oregon quarterback Dillon Gabriel was named the conference’s offensive player of the year, while Penn State edge rusher Abdul Carter was the defensive player of the year. Ohio State’s Jeremiah Smith earned freshman of the year honors while Indiana’s Curt Cignetti was named coach of the year by both the coaches and the media. Heims enters the portal Washington endured its second transfer portal defection on Tuesday, as junior edge rusher Maurice Heims announced he will depart the team after four years on Montlake. “Thank you for making the last four years here some of the best of my life,” Heims wrote in a post on his social media accounts. Heims, a 6-foot-5, 263-pound pass rusher from Hamburg, Germany, played in 30 games at Washington after arriving before the 2021 season. He registered nine tackles, two tackles for a loss and one sack. Heims was mostly a special-teams player this season. He has one season of eligibility remaining. “As a kid from Hamburg, Germany that was completely new to this beautiful sport and this city, you have made every moment amazing,” Heims wrote. “Whether win or loss, y’all have always had our back and you are what makes this place truly special.”
Fiscal Third Quarter Total Revenues of $2.160 Billion , Up 15.8% Year Over Year Subscription Revenues of $1.959 Billion , Up 15.8% Year Over Year PLEASANTON, Calif. , Nov. 26, 2024 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money , today announced results for the fiscal 2025 third quarter ended October 31, 2024. Fiscal 2025 Third Quarter Results 1 See the section titled "About Non-GAAP Financial Measures" in the accompanying financial tables for further details. Comments on the News "Workday's solid performance in Q3 reflects the trust our customers place in us across industries, the global momentum around our AI-driven innovations, and the strength of our partner ecosystem," said Carl Eschenbach , CEO, Workday. "Organizations are increasingly consolidating on the Workday platform to reduce total cost of ownership, simplify their operations, and to unlock the power of our best-in-class AI solutions. Workday gives them the ultimate advantage – and that positions our business for long-term success." "In Q3, we once again made good progress across a number of our key growth areas," said Zane Rowe , CFO, Workday. "Looking ahead, we expect fiscal 2025 subscription revenue of $7.703 billion , growth of 17%, and fiscal 2025 non-GAAP operating margin of 25.5%. We are focused on executing in our seasonally strongest quarter, as we lay the foundation for durable, profitable growth at scale." Recent Highlights 1 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises, Ranadip Chandra, Sam Grinter, Ron Hanscome, Chris Pang, Anand Chouksey, Josie Xing, Harsh Kundulli, David Bobo, Laura Gardiner, Hiten Sheth, Emi Chiba, Travis Wickesberg, and Michelle Shapiro, 23 October 2024. 2 Gartner Magic Quadrant for Cloud ERP for Service-Centric Enterprises, Robert Anderson, Denis Torii, Sam Grinter, Naveen Mahendra, Tomas Kienast, Johan Jartelius, 4 November 2024. 3 Gartner Magic Quadrant for Financial Planning Software, Regina Crowder, Vaughan Archer, Matthew Mowrey, Michelle Carlsen, 18 November 2024. Financial Outlook Workday is providing guidance for the fiscal 2025 fourth quarter ending January 31, 2025 as follows: Workday is updating its guidance for the fiscal 2025 full year ending January 31, 2025 as follows: 1 The Company has not provided a reconciliation of its forward outlook for non-GAAP operating margin with its forward-looking GAAP operating margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate this non-GAAP financial measure, particularly related to stock-based compensation and its related tax effects, acquisition- related costs, and realignment costs. Earnings Call Details Workday plans to host a conference call today to review its fiscal 2025 third quarter financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT / 4:30 p.m. ET and can be accessed via webcast . The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days. Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. About Workday Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money . The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com . © 2024 Workday, Inc. All rights reserved. Evisort, Workday, and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders. Forward-Looking Statements This press release contains forward-looking statements including, among other things, statements regarding Workday's fourth quarter and full-year fiscal 2025 subscription revenue and non-GAAP operating margin, growth, momentum, and innovation. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to: (i) breaches in our security measures or those of our third-party providers, unauthorized access to our customers' or other users' personal data, or disruptions in our data center or computing infrastructure operations; (ii) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (iii) privacy concerns and evolving domestic or foreign laws and regulations; (iv) the impact of continuing global economic and geopolitical volatility on our business, as well as on our customers, prospects, partners, and service providers; (v) any loss of key employees or the inability to attract, train, and retain highly skilled employees; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) our reliance on our network of partners to drive additional growth of our revenues; (viii) the regulatory, economic, and political risks associated with our domestic and international operations; (ix) adoption of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as our customers' and users' satisfaction with the deployment, training, and support services they receive; (x) the regulatory risks related to new and evolving technologies such as AI and our ability to realize a return on our development efforts; (xi) our ability to realize the expected business or financial benefits of any acquisitions of or investments in companies; (xii) delays or reductions in information technology spending; and (xiii) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday's results is included in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law. Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available. Workday, Inc. Condensed Consolidated Balance Sheets (in millions) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,311 $ 2,012 Marketable securities 5,846 5,801 Trade and other receivables, net 1,404 1,639 Deferred costs 244 232 Prepaid expenses and other current assets 273 255 Total current assets 9,078 9,939 Property and equipment, net 1,263 1,234 Operating lease right-of-use assets 335 289 Deferred costs, noncurrent 490 509 Acquisition-related intangible assets, net 383 233 Deferred tax assets 1,031 1,065 Goodwill 3,479 2,846 Other assets 365 337 Total assets $ 16,424 $ 16,452 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 74 $ 78 Accrued expenses and other current liabilities 323 287 Accrued compensation 476 544 Unearned revenue 3,447 4,057 Operating lease liabilities 102 89 Total current liabilities 4,422 5,055 Debt, noncurrent 2,983 2,980 Unearned revenue, noncurrent 64 70 Operating lease liabilities, noncurrent 278 227 Other liabilities 53 38 Total liabilities 7,800 8,370 Stockholders' equity: Common stock 0 0 Additional paid-in capital 11,115 10,400 Treasury stock (1,208) (608) Accumulated other comprehensive income (loss) 16 21 Accumulated deficit (1,299) (1,731) Total stockholders' equity 8,624 8,082 Total liabilities and stockholders' equity $ 16,424 $ 16,452 Workday, Inc. Condensed Consolidated Statements of Operations (in millions, except number of shares which are reflected in thousands and per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues: Subscription services $ 1,959 $ 1,691 $ 5,678 $ 4,843 Professional services 201 175 557 494 Total revenues 2,160 1,866 6,235 5,337 Costs and expenses (1) : Costs of subscription services 329 264 924 759 Costs of professional services 201 181 606 552 Product development 647 619 1,952 1,829 Sales and marketing 620 538 1,804 1,581 General and administrative 198 176 609 512 Total costs and expenses 1,995 1,778 5,895 5,233 Operating income (loss) 165 88 340 104 Other income (expense), net 62 41 178 114 Income (loss) before provision for (benefit from) income taxes 227 129 518 218 Provision for (benefit from) income taxes 34 15 86 25 Net income (loss) $ 193 $ 114 $ 432 $ 193 Net income (loss) per share, basic $ 0.73 $ 0.43 $ 1.63 $ 0.74 Net income (loss) per share, diluted $ 0.72 $ 0.43 $ 1.61 $ 0.73 Weighted-average shares used to compute net income (loss) per share, basic 265,411 262,153 265,062 260,747 Weighted-average shares used to compute net income (loss) per share, diluted 268,549 266,377 268,936 264,087 (1) Costs and expenses include share-based compensation expenses as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Costs of subscription services $ 35 $ 30 $ 108 $ 90 Costs of professional services 28 29 86 87 Product development 162 162 498 494 Sales and marketing 78 65 226 212 General and administrative 65 63 204 188 Total share-based compensation expenses $ 368 $ 349 $ 1,122 $ 1,071 Workday, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cash flows from operating activities: Net income (loss) $ 193 $ 114 $ 432 $ 193 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
One of the most volatile stocks in recent months has been Super Micro Computer ( SMCI -1.60% ) . The company is in the business of providing solutions for the massive data center computing power needed in the artificial intelligence (AI) field. After soaring more than 300% early in the year, Super Micro faced scrutiny about its accounting practices, and the stock plunged. But it has been rebounding strongly this week as some of the accounting questions are getting answered. Week to date, Super Micro stock has jumped by 27.5% as of late Thursday, according to data provided by S&P Global Market Intelligence . Super Micro takes a step forward The stock soared this week after the company released a highly anticipated report from an independent committee assigned to investigate accounting questions raised by both a short-seller and its former auditor. Ernst & Young (EY) resigned as Super Micro's auditor in late October with a scathing comment that it was "unwilling to be associated with the financial statements prepared by management." That sent shares crashing as EY was in the midst of investigating concerns it had about management's governance, transparency, and internal financial controls. Several weeks later, Super Micro said it hired a new audit firm, and the committee assigned to look into EY's concerns released initial findings that indicated some valid concerns but no fraud on the part of management. That committee completed its review this week, providing investors with details on what it has found, including recommendations moving forward. Those findings confirmed that it did not find reasons to restate prior financials reported, and the stock took off. While that appears to be good news, especially as sales continue to grow rapidly, it doesn't mean all is well at Super Micro. The company still needs to officially file the delayed annual report from its fiscal 2024 period ended June 30 as well as the fiscal 2025 first-quarter report. Super Micro's new audit firm has yet to sign off on those financials, though, and that is what will be needed for investors to really regain trust in the company.ITV cancel major drama adored by fans as bosses pull the plug
Stock market today: Wall Street hits records despite tariff talk