Quantum Corporation shares gained 13.6% in the previous session. They closed at $29.49 on higher-than-average trading volume.
A September 25 analysis attributed the strong performance to rising demand for data storage solutions. Businesses face massive data growth, power limitations, and rising infrastructure costs. The analysis cited Quantum’s focus on ActiveScale, tape storage, and tiered architectures as a key response to these challenges.
Quantum reported a 25.7% year-over-year revenue increase to $80.8 million in its last reported quarter, surpassing guidance. The company recently eliminated its debt and ended the quarter with $54.6 million in cash.