- Violin Memory (VMEM) collapses 26.8% AH after it missed expectations in its first quarter as a public company and issued guidance that missed expectations even further.
- Management expects Q4 revenue of $30M-$32M (vs. consensus of $43.6M), gross margin of 53%-55%, and opex of $39M-$40M.
- Violin added 32 new customers during the quarter "in a challenging Federal spending environment."
- A silver lining: the company's gross margins added 11% Y/Y, coming in at 54% in Q3. In a rare sight of the times, Violin's share price had fallen 19.2% through today's close in the 2 months since its IPO due to concerns of its hemorrhaging bottom line, weak margins, and increasing competition.
- Conference call at 5pm ET
Violin Memory collapses 26.8% AH on Q3 miss, disappointing guidance
Nov 21 2013, 16:41 ET