Why NetApp Stock Plunged Today
Shares of NetApp (NASDAQ: NTAP) have plunged today, down by 10% as of 11:45 a.m. EST, after the cloud data services provider reported fiscal third-quarter earnings results. NetApp missed earnings expectations, cut its revenue guidance, and said its CFO was retiring.
Revenue in the fiscal third quarter was $1.4 billion, down from $1.56 billion a year ago. That translated into adjusted net income of $265 million, or $1.16 per share, which was shy of the $1.18 per share in adjusted profits that analysts were modeling for. The tech company ended the quarter with $3 billion in cash on the balance sheet.
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Source Fool.com
