NetApp Sees Sales Shy of Forecasts; Shares Fall
Network Appliance posted a higher quarterly profit but forecast lower-than-expected revenue in the current quarter, sending its shares lower.
Shares of the storage hardware maker tumbled about 5 percent in extended electronic trading Wednesday after finishing regular hours up almost 5 percent on what was generally a good day for technology shares.
NetApp forecast fiscal fourth-quarter revenue of $915 million to $945 million, shy of the $960.7 million average estimate of analysts on Reuters Estimates.
Net income in the data storage equipment maker's fiscal third quarter advanced to $101.8 million, or 29 cents per share, from $66.5 million, or 17 cents per share, a year earlier. Revenue grew to $884 million from $729.3 million.
The company reported third-quarter earnings before certain costs of 37 cents per share.
Analysts, on average, expected earnings before certain costs of 34 cents per share and revenue of $879.3 million, according to Reuters Estimates.
NetApp in November had forecast third-quarter net income of 23 cents to 24 cents per share and earnings before items of 33 cents to 34 cents per share. It projected third-quarter revenue of $872 million to $883 million.
- CNBC staff contributed to this report.