By Patrick Thomas
NetApp Inc. (NTAP) said its profit rose for its fourth quarter, but missed Wall Street estimates as the company's revenue fell 3%.
The Sunnyvale, Calif.-based cloud data services company reported a profit of $396 million, or $1.59 a share, compared with $290 million, or $1.06 a share, a year ago.
The company reported adjusted earnings of $1.22 a share. Analysts polled by FactSet were expecting earnings of $1.26 a share on an adjusted basis.
Revenue fell to $1.59 billion from $1.64 billion a year earlier. Analysts had expected revenue to be flat for the quarter.
For its current quarter, the company expects revenue between $1.32 billion and $1.47 billion. The company forecasted earnings between 56 cents and 64 cents a share and adjusted earnings between 78 cents and 86 cents a share.
For the fiscal first quarter, the company said it will increase its dividend by 20% to 48 cents a share.
Shares of the company fell 4.7% during after-market trading.
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