NetApp Inc. (NTAP) Stock Drops on Earnings, Outlook Miss

NetApp Inc. (NTAP) stock dropped on Thursday after it released its fiscal Q4 2016 earnings report.

NetApp, NTAP stockNetApp reported earnings per share of 55 cents for the quarter. This is down from the 65 cents it reported the same time last year and it also failed to meet Wall Street’s estimate of 58 cents for the quarter.

NetApp’s revenue for its final fiscal quarter of 2016 was $1.38 billion. This just wasn’t able to reach the $1.4 billion that analysts were expecting the company to report in Q4 2016.

NetApp’s outlook for Q1 2017 was also disappointing. It includes EPS ranging from 34 cents to 39 cents and revenue between $1.20 billion to $1.35 billion. Wall Street is expecting EPS of 45 cents and revenue of $1.26 billion.

NTAP shares were down 3% as of Noon Thursday.

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