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Qumu has announced a ‘Work from Wherever, Forever’ policy starting December 8, 2020, closing three office locations while employees continue to work remotely. This change aligns with Qumu's mission to adopt sustainable remote work practices, enhancing employee health and environmental wellbeing. The company will implement a work-at-home stipend and local meetups to support team collaboration. Leadership believes this policy will improve recruitment by attracting top talent through flexible work arrangements.
Qumu Corporation (Nasdaq: QUMU), a leader in Enterprise Video technology, will participate in the 11th Annual Craig-Hallum Alpha Select Conference on November 17, 2020. CEO TJ Kennedy and CFO Dave Ristow will host virtual meetings with investors throughout the day. Interested parties can schedule meetings by contacting their Craig-Hallum representative or Qumu’s investor relations team at 949-574-3860. Qumu specializes in tools for creating, managing, securing, and distributing video content, helping organizations improve employee engagement and modernize their workplace.
Qumu Corporation (Nasdaq: QUMU) reported its Q3 2020 results, highlighting a 28% increase in subscription, maintenance, and support revenue to $5.3 million. Overall revenue was $6.6 million, slightly down from Q3 2019. Gross margin improved to 75.1% from 69.8%. However, Qumu recorded a net loss of $(1.9) million due to increased expenses from CEO transition and merger termination costs. The company maintains its 2020 revenue outlook at $29 million, reflecting 14% growth.
Qumu has introduced four new cost-effective streaming options tailored for small and medium-sized businesses. The offerings range from a free video on demand package to a comprehensive live streaming plan costing $999 per month, which includes 5,000 viewing hours, storage, and customer support. These plans cater to various organizations facing challenges in maintaining business continuity amid disruptions. Qumu’s approach leverages its enterprise-grade technology to provide scalable and secure video solutions suitable for SMBs, responding to increasing demand.
Qumu Corporation (Nasdaq: QUMU) has scheduled a conference call on October 27, 2020, at 4:30 p.m. ET to discuss its third-quarter financial results for the period ending September 30, 2020. The call will follow the release of financial results prior to the meeting. Investors can participate via a webcast. Qumu is recognized for its cloud-based Enterprise Video technology aimed at enhancing organizational communication.
Qumu has launched the Qumu Cloud Build and Price Tool, a customizable cloud video subscription tool that enables organizations to generate instant quotes based on specific needs such as storage and bandwidth. This tool aims to expedite the procurement process by simplifying the configuration of enterprise video platforms. According to CEO TJ Kennedy, the goal is to reduce sourcing time significantly, addressing the increasing demand for video solutions in enterprises. Additionally, subscribers will receive free Professional Services hours to aid in implementation.
Qumu recently aided the American Foundation for Suicide Prevention in transforming its 2020 Overnight Walk into a virtual event due to COVID-19 restrictions. Utilizing Qumu Cloud, the event raised $1.6 million with over 3,300 participants logging 9,506 activities and walking 24,263 miles. Qumu's platform provided an easy-to-use solution for live streaming and interaction, enhancing participant engagement. The success of this virtual experience highlights Qumu's capabilities in delivering impactful online events efficiently.
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