NetApp Inc. (NTAP – Analyst Report) reported lower-than-expected first-quarter fiscal 2016 results. The company’s adjusted earnings (including stock-based compensation and settlement of income tax audit but excluding amortization and other one-time items) came in at 4 cents, which missed the Zacks Consensus Estimate by a couple of cents.
However, shares of NetApp went up nearly 12% in after-hours trading yesterday, primarily due to an encouraging second quarter fiscal 2016 guidance.
Netapp Inc. – Earnings Surprise | FindTheBest
Quarter Details
NetApp’s revenues decreased 10.3% year over year to $1.335 billion and missed the Zacks Consensus Estimate of $1.347 billion. The year-over-year decline was primarily due to unfavorable foreign exchange rates. Also, a drop in Product revenues impacted the quarter’s revenues.
