NetApp Earnings: Here’s Why the Stock is Rising 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 up 2.10%.
NetApp, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 4.55% to $0.69 in the quarter versus EPS of $0.66 in the year-earlier quarter.
Revenue: Rose 0.82% to $1.72 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: NetApp, Inc. reported adjusted EPS income of $0.69 per share. By that measure, the company beat the mean analyst estimate of $0.68. It missed the average revenue estimate of $1.76 billion.
Quoting Management: “The fourth quarter was highlighted by a continued strong uptake of clustered Data ONTAP®, an expansion of our leadership position in Flash, and double digit growth in branded bookings,” said Tom Georgens, president and CEO. “We are also pleased to announce enhancements to our capital allocation program, reflecting our confidence in our underlying business as well as our commitment to enhancing shareholder value.”
Key Stats (on next page)…