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NetApp: Fiscal 1Q Earnings Snapshot

August 14, 2019

SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal first-quarter profit of $103 million.

On a per-share basis, the Sunnyvale, California-based company said it had profit of 42 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 65 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.

The data storage company posted revenue of $1.24 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.23 billion.

For the current quarter ending in November, NetApp expects its per-share earnings to range from 91 cents to 99 cents.

The company said it expects revenue in the range of $1.33 billion to $1.48 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.37 billion.

NetApp shares have fallen 25% since the beginning of the year, while the Standard & Poor’s 500 index has increased 14%. In the final minutes of trading on Wednesday, shares hit $44.89, a decrease of 46% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at https://www.zacks.com/ap/NTAP

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