Zynga Not the Only Big Loser on Thursday as Quality Systems Falls 32%
While the near 40 percent plunge in Zynga (NASDAQ: ZNGA) shares is getting a lot of attention on Thursday, Quality Systems (NASDAQ: QSII) is also taking a nosedive. The company released its fiscal first-quarter earnings results prior to the opening bell, and the stock has subsequently fell around 32% on the news.
Quality Systems reported net income of $15.5 million or $0.26 per share, compared to $19 million or $0.32 per share, in last year's first-quarter. This badly missed analysts' consensus EPS estimates of $0.35.
Revenues in the period were $118.3 million, an 18 percent increase versus the $100.4 million the company reported last year. This also missed analysts' consensus estimates of $120.61 million.
Even more worrisome, the company said that due to uncertainty in predicting future results, it is not affirming its earlier guidance and will not be providing revised guidance.
Quality Systems, Inc. develops and markets healthcare information systems that automate certain aspects of physician, inpatient and dental practices, networks of practices, ambulatory care centers, community health centers, Federal Qualified Health Centers (FQHC) and medical and dental schools.
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