Quick Heal Shares Plummet 14% Due to Disappointing Quarterly Earnings
Quick Heal Technologies witnessed a significant dip in its shares by 14% on April 18, 2023, owing to disappointing quarterly earnings, leading to heavy selling. The provider of security software solutions reported consolidated revenue from operations of Rs. 49.3 crores for the quarter ended March, down by 52% YoY. In contrast, its net loss for the quarter stood at Rs. 6.6 crore, while it was Rs. 28.09 crores in the corresponding quarter of the previous year.
At 10:00 am, the shares of Quick Heal Technologies were trading at Rs. 136.3 on the BSE, down by 7.7%.
Although the company’s stock prices have plummeted by 26% in the last six months, from Rs. 200 to Rs. 147, it has been gaining momentum in the last month. The stock has corrected over 20% year-to-date.
Additionally, Quick Heal Technologies announced the resignation of Navin Sharma, the Chief Financial Officer, which will be effective from the closure of business hours on April 18, 2023. Following his resignation, Ankit Maheshwari will take over as the Chief Financial Officer from April 26, 2023.
Quick Heal Technologies is a Pune-based IT security and data protection solutions provider with a strong presence in India and a growing global footprint.
About Quick Heal:
Quick Heal is a cybersecurity software company headquartered in Pune, Maharashtra, India. It operates globally as a multinational corporation. Originally founded in 1995 as CAT Computer Services Ltd, it began as a computer service center. In 2007, the company was renamed Quick Heal Technologies Pvt. Ltd.
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