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NetApp Earnings: NTAP Stock Dips 2% Lower on Mixed Q2 Results

NTAP beat EPS estimates, but missed on revenue

NetApp (NASDAQ:NTAP) earnings for the cloud data company’s fiscal second quarter of 2020 have NTAP stock down in after-hours trading on Wednesday. That comes after reporting Non-GAAP earnings per share of $1.09 and revenue of $1.37 billion. For comparison, Wall Street was expecting EPS and revenue of 94 cents per share and $1.38 billion.

NetApp Earnings: NTAP Stock Dips 2% Lower on Mixed Q2 Results
Source: Sundry Photography / Shutterstock.com

Let’s take a more thorough look at the most recent NetApp earnings report.

  • Non-GAAP per-share earnings are up 2.83% YoY from $1.06.
  • Revenue for the quarter comes in 9.87% lower than the $1.52 billion reported in the same period of the year prior.
  • Net income in the current NetApp earnings report is sitting at $243 million.
  • This is about 1% better than the company’s net income of $241 million from its fiscal second quarter of 2019.

George Kurian, CEO of NetApp, says this about the fiscal Q2 2020 NTAP stock earnings.

“Our Q2 FY20 results reflect the strength of our business model and value of our innovation. We delivered gross margin, operating margin, and EPS all solidly ahead of our guidance ranges.”

NetApp also includes its outlook for fiscal Q3 2020 in the current earnings report. It is expecting Non-GAAP EPS to range from $1.14 to $1.22. The company is also planning for revenue between $1.39 billion to $1.54 billion during the period. Wall Street’s estimates include earnings per share of $1.18 on revenue of $1.47 billion.

NTAP stock was down 2.11% in after-hours trading on Wednesday. This follows a minor decrease in value when normal trading hours ended today.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/11/netapp-earnings-hamper-ntap-stock/.

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