NetApp Swings to Loss on Tax Charge

Date : 02/14/2018 @ 5:13PM
Source : Dow Jones News
Stock : Netapp, Inc. (NTAP)
Quote : 67.15  -0.93 (-1.37%) @ 8:00PM

NetApp Swings to Loss on Tax Charge

Netapp, Inc. (NASDAQ:NTAP)
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   By Bowdeya Tweh 
 

NetApp Inc. (NTAP) swung to a third-quarter loss as it reported an $856 million one-time charge related to recent changes in U.S. tax law.

The Sunnyvale, Calif., technology company on Wednesday said it lost $506 million, or $1.89 a share, in the quarter compared with a profit of $146 million, or 52 cents a share, a year earlier. Excluding one-time items, the company reported a profit of $273 million, or 99 cents a share.

Revenue rose 8% to $1.52 billion.

Analysts polled by Thomson Reuters had expected the company to report an adjusted per-share profit of 91 cents on $1.5 billion in revenue.

For the fourth quarter NetApp expects revenue of $1.53 billion to $1.68 billion and adjusted earnings per share between 95 cents and $1.03. Analysts had expected $1 a share on an adjusted basis on $1.57 billion in revenue.

Shares in NetApp fell 9% to $55.19 after hours. During regular trading shares rose 3.2%.

 

Write to Bowdeya Tweh at bowdeya.tweh@wsj.com

 

(END) Dow Jones Newswires

February 14, 2018 16:58 ET (21:58 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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