Quantum Q1 Revenue Slumps

(RTTNews) - Quantum Corp (QTM), a provider of scale-out storage, archive, and data protection solutions, on Monday reported preliminary first-quarter revenue of about $111 million, compared with $128 million a year ago, and below its May guidance of $125 million to $130 million.

Analysts polled by Thomson Reuters estimated revenue of $128.4 million for the quarter.

Quantum believes the lower-than-expected revenue was largely due to overall weakness in the general-purpose storage market.

As a result, the company reported first-quarter net loss of about $11 million and adjusted loss of about $7 million.

Quantum said it will issue a news release on its fiscal first quarter financial results on July 30.