Why NetApp Stock Cratered Today
Shares of NetApp (NASDAQ: NTAP) have cratered today, down by 22% as of 11:45 a.m. EDT, after the hybrid cloud specialist reported preliminary fiscal first-quarter earnings results. The company also slashed its fiscal 2020 outlook.
Fiscal first-quarter revenue is expected to be in the range of $1.22 billion to $1.23 billion, missing the guidance that NetApp previously provided that called for approximately $1.32 billion to $1.47 billion in sales. Analysts were modeling for $1.38 billion in revenue. Adjusted earnings per share should be $0.55 to $0.60, below NetApp's outlook of $0.78 to $0.86, and missing the consensus estimate of $0.82 per share in adjusted profits.
Image source: Getty Images.
Quelle Fool.com
