NetApp Down 14% Pre-Market on Weak Q1 Guidance
NetApp (NASDAQ: NTAP) is trading lower pre-market following its Q4 earning announcement. The company reported an EPS of $0.66 vs $0.63 estimates and revenues of $1.7 billion vs $1.68 billion estimates. NetApp also guided Q1 EPS $0.34-0.39 vs $0.59 estimates and guides Q1 revenue $1.4-1.50 billion vs $1.61 billion estimates.
Tom Georgens, president and CEO. "With a strong product offering and well established partner ecosystem, NetApp delivered our ninth consecutive quarter of over 20% year-over-year product revenue growth. Our ability to generate cash remains robust as the fourth quarter was our best ever quarter in terms of cash flow from operations. As the innovation leader in the industry, and the only company offering a unified scale out platform, we are the clear choice for enterprises as they re-architect their data centers to provide agility while reducing complexity and cost."
NetApp is currently trading at $28.14, down $4.72 or 14.36% pre-market.
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