NetApp stock falls more than 10% after fiscal 2023 guidance disappoints


Shares of NetApp Inc. NTAP, -1.07% dropped more than 10% in the extended session Tuesday after the cloud-computing company reported fiscal second-quarter earnings above expectations but guidance came lower than estimates. NetApp earned $750 million, or $3.41 a share, compared with $224 million, or 98 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $1.48 a share. Revenue rose 6% to $1.66 billion, the company said. Analysts polled by FactSet expected the company to report adjusted earnings of $1.33 a share on revenue of $1.67 billion. Billings were up 3% to $1.60 billion, NetApp said. NetApp guided for adjusted EPS between $5.30 and $5.50 for the year, compared with expectations of $6.76 according to FactSet. Revenue for fiscal 2023 is expected to grow between 2% and 4%, the company said. Shares of NetApp ended the regular trading day down 1.5%.

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