Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Quantum (NYSE: QTM ) have leapt higher today by as much as 11% after the company reported earnings.
So what: Revenue in the quarter was $159 million, a sequential gain of 8%. Non-GAAP net income was $5 million, or $0.02 per share. Analysts were expecting the company to break even for the quarter, while sales were right on target with forecasts.
Now what: CEO Jon Gacek said that growth in revenue helped boost adjusted profits more than expected, and the company also saw record sales of its DXi deduplication offering, which saw sales jump 19% from a year prior. At the same time, the company has scaled back spending in order to save costs and help the bottom line, even as it invests in new product development. Next quarter should see revenue of $145 million to $150 million.
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