Overland, which recently got dumped by its second OEM partner in 14 months, announced its Q1 results this morning, posting revenues of $41.8 million, down from $58.5 million for the same period last year and way below analyst estimates of $46.45 million. (See Overland Posts Q1 Results and Overland Loses Another Partner.)
The vendor, which was ditched by OEM partner Dell earlier this month, posted a Q1 net loss of $20 million, or $1.54 per share, compared to a net loss of $2.9 million, or $0.21 per share, a year earlier. (See Dell Boots Overland and Overland Grabs New Partner.) Analysts had estimated a loss of 44 cents per share.
The vendor's shares fell $1.12 (21.62 percent) to $4.06 in trading today.
"Losing the Dell business is obviously a deep disappointment for us," said Overland CEO Christopher Calisi on a conference call this morning, adding that the vendor was also dogged by "production issues" during the quarter.
For some time now, Overland has been wrestling with problems at its contract manufacturer, and is now in the throes of shifting manufacturing back to its own San Diego facility, which it expects to complete by the end of this calendar year. (See Overland Looks for Rebound.)
With the move to the cloud, CISOs must shift priorities from operating security programs to overseeing (monitoring and auditing) outsourced cybersecurity programs.
2022 was a boon year for IT salaries. 2023 came in like a beast with layoffs, raise freezes, and ChatGPT, but that beast has few teeth.
Age is only a number. Don't let a high number cancel your career.
