NetApp (NTAP) Shares Drop On Weak Q4 Guidance, Despite Q3 EPS Beat
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Price: $37.19 -1.72%
Revenue Growth %: +3.5%
Financial Fact:
Research and development: 215.6M
Today's EPS Names:
BORN, EFUT, ZOOM, More
Revenue Growth %: +3.5%
Financial Fact:
Research and development: 215.6M
Today's EPS Names:
BORN, EFUT, ZOOM, More
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NetApp Inc. (NASDAQ: NTAP) shares are plummeting in extended trade on Wednesday after the company disappointed with its fourth-quarter guidance after reporting better-than-expected third-quarter earnings.
The data storage equipment maker reported third-quarter earnings of 52 cents per share, 2 cents better than the analyst estimate of 50 cents per share.
Revenue for the company rose 25 percent in the period to $1.27 billion, compared to the market consensus of $1.28 billion.
"NetApp demonstrated momentum in the market again this quarter, with product revenue growth of 32% year over year, strong gross margins, and continued market share gains. As customers move toward the next generation IT infrastructure, NetApp's innovation leadership is enabling compelling business outcomes for our customers and propelling our rapid growth," said Tom Georgens, president and CEO.
Looking forward, NetApp sees fourth-quarter earnings in the range of 49-53 cents per share, missing the analyst estimate of 54 cents per share.
The company also sees fourth-quarter sales of $1.38 billion plus-or-minus 2 percent.
Shares of NetApp are down 6.65 percent to $54.65 in aftermarket movement on Wednesday.
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The data storage equipment maker reported third-quarter earnings of 52 cents per share, 2 cents better than the analyst estimate of 50 cents per share.
Revenue for the company rose 25 percent in the period to $1.27 billion, compared to the market consensus of $1.28 billion.
"NetApp demonstrated momentum in the market again this quarter, with product revenue growth of 32% year over year, strong gross margins, and continued market share gains. As customers move toward the next generation IT infrastructure, NetApp's innovation leadership is enabling compelling business outcomes for our customers and propelling our rapid growth," said Tom Georgens, president and CEO.
Looking forward, NetApp sees fourth-quarter earnings in the range of 49-53 cents per share, missing the analyst estimate of 54 cents per share.
The company also sees fourth-quarter sales of $1.38 billion plus-or-minus 2 percent.
Shares of NetApp are down 6.65 percent to $54.65 in aftermarket movement on Wednesday.
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