FalconStor shares down 30% on weak quarter, year

FalconStor CEO Gary Quinn.

Melville-based data storage firm FalconStor Software (FALC) reported lower fourth quarter revenue for 2016, news that sent company shares down more than 30 percent for the week, to .43 cents, a historic low for the stock.

The company reported revenue of $7.4 million for the quarter ended Dec. 31 versus $9.4 million in the year-earlier period. Its net loss was $1.2 million, or 5 cents per diluted share, compared to a net loss of $1.9 million, or 6 cents per diluted share, in the 2015 quarter.

For the fiscal year, the firm posted revenue of $30.3 million compared to $48.6 million in the matching 2015 period. The firm’s operating loss was $10.3 million compared to $1.3 million the year earlier.

Last fall, the Nasdaq warned FalconStor that it faces delisting because of its low share price and market cap.