NetApp Inc.’s fiscal third-quarter revenue fell short of analysts’ estimates, leading to its shares declining -8.8% Thursday.
The hybrid cloud & data storage/management company’s revenue increased +2% year-over-year to touch $1.56 billion in the fiscal third-quarter, but still missed analysts’ expectation of $1.60 billion (based on FactSet poll).
Nevertheless, the company reported adjusted earninsg of $1.20 a share for the quarter, thereby beating analysts' expectations of $1.15 a share (based on FactSet poll).
NetApp’s unadjusted total earnings came in at $249 million (or 98 cents a share) in the quarter, compared to a net loss of -$479 million (or -$1.79 a share) of the year-ago quarter.
For the current quarter ending in April, NetApp projects its per-share earnings to range between $1.22 to $1.28. Analysts are expecting the figure to be $1.25 a share. The company is expecting revenue to range from $1.59 billion to $1.69 billion for the fiscal fourth quarter, while analysts’ prediction is $1.71 billion.