NetApp Q3 Results Miss Estimates, Q4 Outlook Weak; Stock Down 8%

(RTTNews) - Data-storage systems maker NetApp Inc (NTAP) on Wednesday reported third-quarter net earnings of $176.8 million or $0.56 per share compared with $192.1 million or $0.55 per share last year.

Excluding items, adjusted earnings for the quarter were $0.75 per share.

Revenues for the quarter were $1.55 billion compared with $1.61 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.77 per share on revenues of $1.61 billion for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings of $0.70 to $0.75 per share on revenues of $1.55 billion to $1.65 billion. Analysts expect earnings of $0.89 per share on revenues of $1.69 billion.