Investing.com - NetApp (NASDAQ:NTAP) on Wednesday reported fourth-quarter earnings that beat analysts' forecasts, but revenue fell short amid a slump in product sales.
NetApp announced earnings per share of $1.19 on revenue of $1.40 billion. Analysts polled by Investing.com anticipated EPS of $1.12 on revenue of $1.42 billion. That compared with an EPS of $1.22 on revenue of $1.59 billion in the same period a year before. NetApp had reported EPS of $1.16 on revenue of $1.4 billion in the previous quarter.
Product revenue fell 20.7% to $793 million for the quarter year-on-year.
Looking to the first quarter of fiscal 2021, the company guided earnings per share in a range of $0.36 to $0.44 and revenue within a range of $1.090 billion to $1.240 billion. Analysts were expecting EPS of $0.65 and revenue of $1.18 billion in the upcoming quarter.
NetApp shares are down 25% from the beginning of the year, still down 29.18% from its 52 week high of $65.38 set on January 16. They are under-performing the Nasdaq which is up 4.13% year to date.
NetApp shares gained 1.38% in after-hours trade following the report.
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