NetApp reported January-quarter results late Wednesday that beat analyst estimates. But NTAP stock fell as the data storage company presented an outlook that came in below analyst estimates.
The networking company reported adjusted earnings of $1.44 a share on revenue of $1.61 billion for its fiscal third quarter. Analysts expected NetApp to report earnings of $1.28 a share on revenue of $1.56 billion, according to FactSet.
NetApp expects adjusted earnings for its fiscal fourth quarter to be $1.21 to $1.31 a share, below analyst estimates for $1.35. However, it expects revenue in the range of $1.635 billion to $1.735 billion. The midpoint of $1.685 billion is above estimates of $1.62 billion.
The company faced "temporary supply-chain headwinds" but said it was able to "capture our expanding opportunity while investing for continued growth and delivering operating leverage," according to the NetApp earnings release.
NTAP stock dropped 6.2% to 78.88 during after-hours trading on the stock market today.
NetApp's fiscal third quarter ended Jan. 28.
NTAP stock is up 22% over the past 12 months.
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