NetApp (NTAP) reported fiscal January-quarter results late Wednesday that beat analyst estimates but presented an earnings outlook below expectations. NTAP stock fell.
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The data storage and networking company reported adjusted earnings of $1.44 a share on revenue of $1.61 billion. Analysts expected NetApp to report earnings of $1.28 a share on revenue of $1.56 billion, according to FactSet.
NTAP stock dropped 6.2% to 78.84 during after-hours trading on the stock market today.
Results were for its fiscal third quarter ended Jan. 28.
The company expects adjusted earnings for its fiscal fourth quarter to be $1.21 to $1.31 a share, below analyst estimates for $1.35.
It expects revenue in the range of $1.635 billion to $1.735 billion. The midpoint of $1.685 billion is above estimates of $1.62 billion.
More to follow.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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Source: https://www.investors.com/news/technology/ntap-stock-falls-quarterly-earnings-report/?src=A00220&yptr=yahoo