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NetApp beats Q4 expectations

Shares were down in after-hours trading in spite of NetApp's solid results and a Q1 outlook in line with expectations.

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NetApp published its fourth quarter and full year fiscal 2018 results on Wednesday. The company beat market expectations and posted a Q1 outlook in line with estimates, but shares were down in after-hours trading.

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For Q4, NetApp reported non-GAAP net income of $288 million, or $1.05 per share, on revenue of $1.64 billion, a year-over-year increase of 11 percent.

Wall Street was looking for earnings of $1.01 per share on revenue of $1.6 billion.

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For the full fiscal year, NetApp reported non-GAAP net income of $957 million, or $3.47 per share. Revenue came to $5.91 billion, an increase of 7 percent over fiscal 2017.

In a statement, CEO George Kurian said the company has gained share in all key product categories and in every geography.

In the fourth quarter, he said, "We successfully pivoted to the growth areas of the market, expanded our opportunity with HCI and new cloud partnerships, and improved operational discipline to deliver sustained and profitable growth."

For the first quarter of 2019, NetApp expects non-GAAP earnings per share between 76 cents and 82 cents and revenue in the range of $1.365 billion to $1.465 billion.

Wall Street was predicting non-GAAP EPS of 78 cents on $1.42 billion of revenue.