US-listed loss-making flash storage vendor Violin Memory shares rose to a monthly high after it beat expectations in its Q1 with a narrower net loss although revenues fell again yr/yr and sequentially, though less steeply than last quarter. Gross margin was 42% (non-GAAP basis), vs. 48% in Q4 and a year ago. Product revenue at $4.16m was down 39%; service revenue of $5.56m was up 5.3%.
“With the signing of a Global Fortune 100 account in North America this quarter, Violin Memory (VMEM) supports the storage foundation of 10 Fortune 100 accounts, half of whom are on Violin's new product - the Flash Storage Platform," said Kevin DeNuccio, President and CEO of Violin Memory.
"These largest accounts in the world have gained confidence in the Flash Storage Platform and how it can 'Be Instrumental' in their own data centre transformations. These accounts create the foundation and turning point for Violin's renewed growth," added DeNuccio.
Cash and equivalents, restricted cash and short-term investments came to $49.2m at quarter's end.