NetApp (NTAP) claimed fiscal next-quarter outcomes late Tuesday that conquer on earnings, but the tech company presented a earnings and earnings outlook that fell quick of expectations. NTAP stock plunged on the information.
The organization documented altered earnings of $1.48 a share on income of $1.66 billion. Analysts anticipated NetApp to report earnings of $1.33 a share on revenue of $1.67 billion for the period ended Oct. 28, in accordance to FactSet. Revenue grew 5.7% from the calendar year-back quarter.
The service provider of enterprise storage administration programs expects fiscal third-quarter income in the selection of $1.525 billion to $1.675 billion. The midpoint of $1.6 billion is down below the typical estimate of $1.7 billion.
Even further, NetApp expects modified earnings in the array of $1.25 to $1.35 cents a share, down below the estimate of $1.44 a share.
NTAP inventory plunged 11.5% to 63.40 all through following-several hours trading on the stock market place today.
NTAP inventory is down about 22% so significantly this year.
Make sure you follow Brian Deagon on Twitter at @IBD_BDeagon for a lot more on tech stocks, investigation and money markets.
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