Quantum Corp Falls After Q1 Guidance Announcement

Quantum Corp

is trading lower on the session after announcing its preliminary Q1 results yesterday. The company announced that it sees Q1 adjusted EPS of $(0.04)-(0.03) vs $0.00 estimates. Jon Gacek, president and CEO of Quantum said, "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. 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." Quantum Corp is currently trading at $1.52, a loss of $0.58 or 27.62%.