Name: NetApp shares fall sharply despite better-than-expected results and outlook
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NetApp shares fall sharply despite better-than-expected results and outlook

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NetApp Inc., the provider of enterprise data, storage and cloud management, said Wednesday that it saw its third quarter in a row of growth in revenue and billings. “Looking ahead, we are uniquely positioned to address customers’ requirements for digital transformations as they deploy workloads in the cloud, as well as maintain and modernize on premises,” Chief Executive George Kurian said in a statement.Despite beating expectations, NetAppshares fell 6.4% after hours, after rising 3.2% in the regular session to close at $71.57.&nbsp; The company reported fiscal third-quarter net income of $182 million, or 80 cents a share, compared with $277 million, or $1.21 a share, in the year-ago period. Adjusted earnings were $1.10 a share, adjusted for stock-based compensation, taxes from acquisition integration and more. Revenue rose to $1.47 billion from $140 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.01 a share on revenue of $1.43 billion. NetApp expects fourth-quarter earnings of 78 cents to 86 cents a share on revenue of $1.44 billion to $1.54 billion, and adjusted earnings of $1.06 to $1.14 a share. Analysts had forecast $1.09 a share on revenue of $1.46 billion. NetApp shares have risen more than 7% year to date and are up 28% in the past three months, compared with a 3.6% increase so far this year for the S&amp;P 500 IndexLower car prices might be cheered by car buyers, but they could also mean the Federal Reserve is pushing too hard against inflation, says ARK Invest CEO Cathie Wood.SearchVisit a quote page and your recently viewed tickers will be displayed here.Search TickersNo results found

NetApp Inc., the provider of enterprise data, storage and cloud management, said Wednesday that it saw its third quarter in a row of growth in revenue and billings. “Looking ahead, we are uniquely positioned to address customers’ requirements for digital transformations as they deploy workloads in the cloud, as well as maintain and modernize on premises,” Chief Executive George Kurian said in a statement.Despite beating expectations, NetAppshares fell 6.4% after hours, after rising 3.2% in the regular session to close at $71.57.&nbsp; The company reported fiscal third-quarter net income of...

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Levi Sumagaysay

MarketWatch is a website that provides financial information, business news, analysis, and stock market data. Along with The Wall Street Journal and Barron's, it is a subsidiary of Dow Jones & Company, a property of News Corp. Notable contributors include Mark Hulbert and Francine McKenna.

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NetApp shares fall sharply despite better-than-expected results and outlook

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