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NetApp Earnings: NTAP Stock Sinks on Q4 Earnings Miss

NetApp (NASDAQ:NTAP) unveiled its latest quarterly earnings results late today, bringing in a profit that missed what Wall Street called for, while the company’s forecast left something to be desired, sending NTAP stock down more than 6% after the bell Wednesday.

NetApp EarningsThe cloud data services and cloud data management business said that for its fourth quarter of its fiscal 2019, it brought in a profit of $396 million, or $1.59 per share. On an adjusted basis after considering stock-based compensation, restructuring charges and other effects, the company brought in earnings of $1.22 per share.

NetApp’s earnings were below the Wall Street consensus estimate, which called for adjusted earnings of $1.26 per share, according to data compiled by FactSet. The company also posted revenue of $1.59 billion, down from the $1.64 billion from the year-ago quarter and missing the Wall Street outlook of $1.64 billion, according to data compiled by FactSet.

The company said it sees its first quarter as bringing in adjusted earnings of 78 cents to 86 cents per share on sales of $1.32 billion to $1.47 billion. Wall Street sees NetApp bringing in adjusted earnings of $1.05 per share on sales of $1.49 billion, according to FactSet.

The business also increased its divided by 20% for the first quarter.

NTAP stock is sinking roughly 6.4% after the bell following the company’s underwhelming quarterly earnings results. Shares had been sliding roughly 4.1% during regular trading hours as NetApp geared up to report for its period.

Article printed from InvestorPlace Media, https://investorplace.com/2019/05/netapp-earnings-ntap-stock/.

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