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NetApp slips slightly in Q2, revenue guidance light

The network data storage provider beat EPS expectations by one cent, but missed on revenue targets.

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NetApp reported its second quarter earnings for the 2015 fiscal year after the bell on Wednesday.

The network data storage provider reported a net income of $167 million, or 48 cents per share (statement).

Non-GAAP earnings were 70 cents per share on a revenue of $1.54 billion.

Wall Street was looking for earnings of 69 cents per share with $1.55 billion in revenue.

While the quarter failed to meet expectations of the street, NetApp did make several gains. Clustered Data ONTAP nodes shipments more than tripled year-over-year, and flash capacity shipments more than doubled, the company said.

NetApp CEO Tom Georgens reflected on the quarter in prepared remarks:

"We are pleased with our performance in the second quarter with revenue and non-GAAP EPS coming in above the mid-point of our guidance range.

We have dramatically expanded the NetApp portfolio at an unprecedented pace. Our best of breed solutions not only solve the challenges enterprises face today, but ensure a seamless path to the hybrid cloud that enables customers to effectively manage their data across multiple cloud resources." 

For the current quarter, analysts are expecting revenue of $1.62 billion with earnings of 80 cents per share.

NetApp followed up with slightly lower Q3 revenue guidance of $1.56 billion to $1.66 billion with earnings between 74 to 79 cents per share.

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