NetApp: Fiscal 2Q Earnings Snapshot
Posted December 1, 2020 1:13 pm.
Last Updated December 1, 2020 1:18 pm.
SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Tuesday reported fiscal second-quarter net income of $137 million.
On a per-share basis, the Sunnyvale, California-based company said it had net income of 61 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.05 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The data storage company posted revenue of $1.42 billion in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $1.31 billion.
For the current quarter ending in February, NetApp expects its per-share earnings to range from 94 cents to $1.02.
The company said it expects revenue in the range of $1.34 billion to $1.49 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $1.35 billion.
NetApp shares have fallen 13% since the beginning of the year, while the Standard & Poor’s 500 index has risen 13%. In the final minutes of trading on Tuesday, shares hit $54.26, a fall of almost 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at https://www.zacks.com/ap/NTAP
The Associated Press
