NetApp Revenue Declines, Misses Estimates
May 22 2019 - 4:53PM
Dow Jones News
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.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
May 22, 2019 16:38 ET (20:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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