NetApp: FY Q4 EPS Beats; Q1 Guidance Light; Shares Fall
NetApp (NTAP) shares are down sharply in after hours trading on a disappointing outlook for the company’s fiscal first quarter ending July.
For its fiscal Q4 ended April 25, the company posted revenue of $938 million and non-GAAP profits of 38 cents; the Street had expected $938 million and 36 cents.
For FY Q1, the company sees revenue of $845 million to $875 million, with non-GAAP profits of 20-23 cents a share. The Street consensus has been $870.9 million and 27 cents.
NetApp repeated its previous guidance for the full fiscal year ending April 2009 for profits of $1.40 to $1.46 a share; that is consistent with the Street consensus of $1.43.
In after hours trading, the enterprise storage provider’s shares are down $2.87, or 11.1%, to $22.92.
Analysts again over estimated what NTAP would do. Today will be a good time to buy more shares.
Tech Trader Daily is a blog on technology investing written from Palo Alto, California by long-time Barron's West Coast Editor Eric J. Savitz. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields.
