Well known cloud based enterprise video technology provider Qumu Corporation (NASDAQ:QUMU) has been in the middle of a strong downward spiral over the course of the past few weeks. In the past month, the stock has actually gone down by as much as 38% in the middle of a heavy selloff.
The last important news with regards to the company emerged last week when Qumu announced the preliminary financial results for the fiscal second quarter. The quarter ended on June 30, 2021. In addition to that, the company also provided its projections for full year that is going to end on December 31, 2021.
As per the unaudited results for the second fiscal quarter, the company believes that its revenues are going to be between $5.7 million and $5.9 million. The figure represents a considerable drop from the $9.3 million in the prior year period.
Additionally, it should be noted that in the first fiscal quarter of the year, the company had managed to generate revenues of $5.8 million. Revenues from support, maintenance and subscriptions are expected to be in between $4.9 million and $5.1 million. At this point, it might be a good move for investors to keep an eye on the stock and see if there’s any recovery.
Market Reaction:
On Friday, QUMU stock was up 1.77% at $2.88 with more than 691k shares, compared to its average volume of 295k shares. The stock had moved within a range of $2.6700 – 3.0160 after opening the trade at $2.90. Over the past 52-week, the stock has been trading within a range of $2.6700 – 10.5000.
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