QUMU - Qumu falls 18% amid bleak revenue outlook for several quarters

Qumu (QUMU) slumped -18.44% to $3.14 after-hours following the announcement that it expects revenue to be flat or decrease modestly over the next several quarters as the company continues to develop its SaaS subscription business according to its strategic roadmap.The company's has withdrawn its revenue guidance for 2021 issued on April 29, effective today due to its new business outlook approach.According to preliminary results, Qumu expects Q2 revenue to range between $5.7M and $5.9M, compared to $9.3M in Q2 2020. Consensus revenue estimate is pegged at $6.59M.Qumu President and CEO, TJ Kennedy said the company's new SaaS sales team ramped more slowly than expected and the legacy salesforce was not directly aligned with the future, SaaS-based sales process. The transition requires time which impacted the company's ability to grow revenue in Q2."While we are seeing, and expect to continue to see, positive trends in the growth of subscription revenues, we believe our overall revenue will

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Qumu falls 18% amid bleak revenue outlook for several quarters