Quantum's share price fell $0.5625 to $19.5625 on Thursday as the supplier issued a profits warning for its first fiscal quarter due to what it described as "aggressive pricing" in the desktop hard disk drive market.
For the quarter ending 27 June, 1999, the firm said it expected profits to be in the range of $0.05-0.15, on sequentially lower revenues. The First Call analysts' consensus had expected earnings of $0.31 per share.
Michael Brown, Quantum's chairman and chief executive, said: "As we entered this quarter, we expected desktop units to be relatively flat, with revenue down sequentially due to continued pricing pressures. However, pricing pressures have been more severe than expected, with the sequential rate of price decline roughly double that of the prior two quarters."
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