NetApp's profit rises 21% in fiscal Q3 even as revenue slips
Related Blog Posts
- Inside NetApp: Finding ways to battle increasing 'cloud' competition
- NetApp to lay off 900 workers in global restructuring
- Inside NetApp's earnings: Restructuring work force a move to ensure long-term success
- NetApp profit surges 28% to $82M in fiscal 1Q
- Inside NetApp's earnings: Laser-like focus on software pays off
- Inside NetApp earnings: Hardware revenue will remain a challenge
- NetApp shares drop slightly then rally after earnings improvement
- On earnings day, NetApp shares winning on Wall Street
On The Web
Research Triangle Park, N.C. — Storage technology company NetApp (NASDAQ: NTAP) reported fiscal third quarter results showing 21 percent increase in profits despite a slight revenue decline.
NetApp’s GAAP net income for the quarter was $192 million, or 55 cents per share up from $158 million, or 43 cents per share in the same period a year ago. Sunnyvale, Calif.-based NetApp, which operates a campus in Research Triangle Park, $1.61 billion in fiscal third quarter revenue compared with $1.63 billion in revenue in the year ago period.
An analyst at Technology Business Research says new technology and strong partnerships are crucial to reviving revenue growth.
For the fiscal fourth quarter, NetApp is expecting revenue in the range of $1.62 billion to $1.72 billion.GAAP earnings per share is expected to be in the range of $0.57 to $0.62 per share. Non-GAAP earnings per share is expected to be in the range of $0.77 to $0.82 per share.
“We are pleased with our strong operational execution again this quarter,” said Tom Georgens, president and CEO. “With our strategy of delivering best-of-breed cloud-integrated and flash-accelerated solutions and our unique ability to manage data seamlessly across on- and off-premise environments, we are well positioned to create ongoing opportunity in the evolving IT landscape.”
Please Log In to add a comment.
Best of TechWire Insider
- Lenovo on strike at IBM plant in China: It's 'internal matter for IBM'
- Meet Sir Raleigh, the Bat: Tattooed guy's newest artwork
- IBM's top chef tries new board recipe with 'presiding director;' company won't comment
- Startup Factory's search for 'bad-a**' entrepreneurs finds 4 teams
- A mentor becomes a partner: How Silverpop CEO boosts Windsor Circle
- No Ashton Kutcher smartphone, Lenovo says
- Checking in on 'tattooed guy' with SXSW-bound Raleigh team
- Sneak peek: Stylish HQRaleigh on eve of move-in day
- Raleigh mayor heads to Austin to recruit entrepreneurs, businesses
- Reports: Strike against IBM-Lenovo deal continues in China