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NetApp Stock Tumbles on Revenue Miss and Weak Guidance. Analysts Aren’t Panicking.
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As NetApp stock slumps following weaker-than-expected fiscal third-quarter revenue, analysts reiterated their confidence in the data-storage company, arguing that it will continue to perform in-line with peers. Revenue of $1.64 billion missed the $1.7 billion Wall Street forecast, according to FactSet, while adjusted earnings of $1.91 a share were consistent with analysts’ expectations. For the current quarter ending in April, NetApp said it anticipates revenue of $1.73 billion, missing analysts’ calls for $1.76 billion.
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