NetApp: Strong second quarter, but outlook disappoints

Summary:NetApp delivered a strong fiscal second quarter, but the outlook was a bit light relative to expectations.

NetApp delivered a strong fiscal second quarter, but the outlook was a bit light relative to expectations.

In an earnings report that hit the wires early, NetApp reported earnings of $165 million, or 27 cents a share, for the fiscal second quarter. Non-GAAP earnings were 52 cents a share. Revenue in the quarter was $1.2 billion, up 33 percent from a year ago. Wall Street was looking for earnings of 49 cents a share on revenue of $1.19 billion.

As for the outlook, NetApp projected fiscal third quarter revenue of $1.24 billion to $1.29 billion. The company said third quarter non-GAAP earnings would be 48 cents a share to 50 cents a share. Wall Street was expecting earnings of 51 cents a share on earnings of $1.26 billion.

The company ended the quarter with cash, equivalents and investments of $4.38 billion.

Topics: Banking, Hardware, Storage

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Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

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