Why Is Quantum (QMCO) Stock Down 32% Today?

  • Quantum (QMCO) stock is falling on Tuesday alongside its latest earnings report.
  • The company’s results for fiscal 2024 dropped year-over-year (YOY).
  • Quantum also didn’t impress investors with its fiscal 2025 guidance.
QMCO Stock - Why Is Quantum (QMCO) Stock Down 32% Today?

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Quantum (NASDAQ:QMCO) stock is down on Tuesday after the digital video storage and management company released its fiscal 2024 earnings report.

That report starts with the company’s adjusted EPS of -29 cents for the year. That’s down from the adjusted EPS of 3 cents per share reported by the company during fiscal 2023.

Adding to that is the firm’s revenue of $311.6 million for fiscal 2024. That’s below the single $350 million estimate from Wall Street as well as a 26.2% decrease year-over-year (YOY) from $422.1 million.

Quantum Chairman and CEO Jamie Lerner said the following about these results:

“Our full year 2024 results reflect a significant reduction of revenue from our largest hyperscale customer, which we had expected would scale down over time but instead stopped placing orders at the end of fiscal Q1 2024.”

QMCO Stock Drops on Guidance

Things aren’t looking much better for Quantum in its fiscal 2025 guidance. This has the company expecting adjusted EPS between -15 cents and -5 cents on revenue ranging from $300 million to $320 million. Analysts are looking for revenue of $354.2 million for the fiscal year.

QMCO stock is down 32.4% as of Tuesday morning. Investors will note that the shares rallied 32.4% yesterday in anticipation of the company’s earnings report.

There are plenty of other stock market stories worth reading about on Tuesday!

We have all of the hottest stock market news ready to go today! That includes everything happening with shares of Aerwins Technologies (NASDAQ:AWIN) stock, Actelis Networks (NASDAQ:ASNS) stock and NLS Pharmaceutics (NASDAQ:NLSP) stock today. All of this info is readily available at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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