NetApp Earnings: Here’s Why Investors are Selling Shares Now
NetApp, Inc. (NASDAQ:NTAP) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 3.47%.
NetApp, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 26.19% to $0.53 in the quarter versus EPS of $0.42 in the year-earlier quarter.
Revenue: Rose 4.94% to $1.52 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: NetApp, Inc. reported adjusted EPS income of $0.53 per share. By that measure, the company beat the mean analyst estimate of $0.49. It missed the average revenue estimate of $1.53 billion.
Quoting Management: “NetApp delivered solid results and innovation with the latest release to our clustered Data ONTAP® operating system,” said Tom Georgens, president and CEO. “Despite an uneven macro environment, our branded business was strong, with 9% year-over-year growth. This is evidence of the tremendous value we are delivering to customers today and their confidence in our long-term strategy to enable them to navigate the future.”
Key Stats (on next page)…