Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

NetApp Shares Fall 10% After 4Q Earnings

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/23/2019 | 12:56pm EDT

By Patrick Thomas

Shares of NetApp Inc. (NTAP) were down 10% to $60.19 after its fourth-quarter earnings missed expectations and the company gave a lower-than-expected outlook for the current quarter.

The Sunnyvale, Calif.-based cloud data services company said revenue fell 3% to $1.59 billion for the quarter, analysts polled by FactSet had expected $1.64 billion in revenue.

Chief Executive George Kurian said on a conference call that the company didn't execute well on its maintenance renewals in the quarter and that data center deals are taking longer and require greater effort to close.

For its current quarter, the company expects revenue between $1.32 billion and $1.47 billion. Analysts at Raymond James were hoping for $1.48 billion in revenue, but the analysts said in a research note that they remain optimistic about the company's long-term prospects.

"Despite the miss and lower outlook, management's full-year guidance implies a 2H19 recovery," the analysts said in a research note. "The broader based market headwinds were not too surprising."

Raymond James maintained its "market perform" rating on NetApp.

Write to Patrick Thomas at patrick.thomas@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
NETAPP 0.37% 56.57 Delayed Quote.-5.20%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:57aChina's slowdown deepens in August; industrial output growth falls to 17-1/2 year low
RE
12:57aIndonesia Recorded $80 Million Trade Surplus in August
DJ
12:53aOil soars after Saudi facility attacks, weak China data hits shares
RE
12:50aSingapore August private home sales up 81.9% from year earlier
RE
12:48aIndonesia posts smaller-than-expected trade surplus in August
RE
12:47aBANK INDONESIA : Indonesia's External Debt Remained Manageable
PU
12:39aSOUTHEAST ASIA STOCKS : Most fall as China data, Saudi attack dent sentiment
RE
12:36aOil soars after Saudi facility attacks, weak China data hits shares
RE
12:35aChina able to achieve full-year growth target - statistic bureau
RE
12:35aChina's August steel output recovers before expected stricter curbs
RE
Latest news "Economy & Forex"