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NetApp (NTAP) reported fiscal second-quarter outcomes late Tuesday that beat on earnings, however the tech agency introduced a income and earnings outlook that fell wanting expectations. NTAP inventory plunged on the information.
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The corporate reported adjusted earnings of $1.48 a share on income of $1.66 billion. Analysts anticipated NetApp to report earnings of $1.33 a share on income of $1.67 billion for the interval ended Oct. 28, in line with FactSet. Income grew 5.7% from the year-ago quarter.
The supplier of enterprise storage administration techniques expects fiscal third-quarter income within the vary of $1.525 billion to $1.675 billion. The midpoint of $1.6 billion is beneath the typical estimate of $1.7 billion.
Additional, NetApp expects adjusted earnings within the vary of $1.25 to $1.35 cents a share, beneath the estimate of $1.44 a share.
NTAP inventory plunged 11.5% to 63.40 throughout after-hours buying and selling on the inventory market as we speak.
NTAP inventory is down about 22% to this point this 12 months.
Please comply with Brian Deagon on Twitter at @IBD_BDeagon for extra on tech shares, evaluation and monetary markets.
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