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NetApp Stock Takes a Hit on Q2 Earnings Miss

Karl Utermohlen

NetApp stock (NASDAQ:NTAP) took a hit late in the day Wednesday as the company unveiled its latest quarterly earnings results, which were below what Wall Street was looking for in analysts’ consensus estimate after the bell.

NetApp Stock

The hybrid cloud data services and data management company said that for its second quarter of fiscal 2019, it brought in net income of $241 million, or 91 cents per share. The figure came in at $1.06 per share after adjusting for stock-based compensation and other effects.

NetApp’s earnings for the period were weaker than the Wall Street consensus estimate of 99 cents per share on an adjusted basis. The company also said that its revenue for its second quarter tallied up to $1.52 billion, which marked a $100 million gain from the $1.42 billion it amassed during the year-ago quarter.

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The figure was below the revenue of $1.6 billion that analysts were calling for in their guidance. NetApp now sees its fiscal third-quarter results as bringing in adjusted earnings of $1.12 per share to $1.18 per share on revenue of $1.55 billion to $1.65 billion.

Wall Street sees the company bringing in adjusted earnings of $1.12 per share on sales of $1.6 billion, according to data compiled by FactSet.

NTAP stock was down more than 3.9% after the bell on Wednesday following the news. Shares had slid about 1.1% during regular trading hours in anticipation of the company’s quarterly earnings results, which missed the projections that analysts were calling for in their consensus estimate.

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