Quantum (QTM) Cuts Q1 Outlook
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Shares of Quantum (NYSE: QTM) are indicated for a lower open Tuesday following preliminary Q1 results from the company on Monday evening.
The company is expecting sales of about $141 million on a non-GAAP loss of about 3-4 cents, below the guidance offered during its last earnings release on May 9th. Analysts on the Street were expecting breakeven on sales of $155.12 million.
"We saw good sales momentum on a number of fronts, but, unfortunately, it was not sufficient to overcome the shortfalls in Europe and big deals," said Jon Gacek, president and CEO of Quantum. "Despite this, as we begin our second fiscal quarter we have not changed our goal of driving total revenue growth for the full fiscal year and are focused on what we can control -- namely meeting the data protection and big data management needs of our customers. At the same time, we will continue to monitor global events and their potential impact on our revenue opportunities moving forward and adjust spending levels if conditions warrant it."
The company is expecting sales of about $141 million on a non-GAAP loss of about 3-4 cents, below the guidance offered during its last earnings release on May 9th. Analysts on the Street were expecting breakeven on sales of $155.12 million.
"We saw good sales momentum on a number of fronts, but, unfortunately, it was not sufficient to overcome the shortfalls in Europe and big deals," said Jon Gacek, president and CEO of Quantum. "Despite this, as we begin our second fiscal quarter we have not changed our goal of driving total revenue growth for the full fiscal year and are focused on what we can control -- namely meeting the data protection and big data management needs of our customers. At the same time, we will continue to monitor global events and their potential impact on our revenue opportunities moving forward and adjust spending levels if conditions warrant it."
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