NetApp Investors Wanted More Out Of Q3 Outlook

News of an executive reshuffling failed to buoy shares of NetApp, Inc.

in Wednesday's after-hours trading session as investors couldn't help but focus on somewhat concerning third-quarter sales guidance. The company reaffirmed its previously-issued quarterly sales outlook of $1.4 billion to $1.5 billion on adjusted earnings of $0.66-$0.71 per share. Analysts on Wall Street expect third-quarter sales around $1.46 billion on EPS of $0.69. NetApp said its CFO Nick Noviello has decided to pursue another opportunity and will be replaced by current VP of Corporate Finance, Jeffrey Bergmann. Elsewhere, the company named Cynthia Stoaddard as Chief Information Officer and Kris Newton as VP of Investor Relations, effective immediately. With the release, NetApp also affirmed it will pay its next quarterly dividend of $0.18 per share. After closing Wednesday's session down nearly 3 percent at $24.69, shares of NetApp were last indicated at $20.49 in the post-market session, down some 17 percent.