NetApp Inc. [Nasdaq: NTAP) tumbled as much as 25 percent in late trading after the seller of hardware and software for storing data forecast first-quarter earnings trailing analysts’ estimates amid a weak economic outlook.
NetApp fell to $24.36 at 4:35 p.m. New York time, after closing at $32.86. The shares had declined 9.4 percent this year.
The Sunnyvale, California-based company forecast fiscal first-quarter profit excluding certain items of 34 to 39 cents a share, citing increasing uncertainty in the broader macro environment. Analysts had projected an average of 59 cents a share, according to data compiled by Bloomberg.
Revenue for the period will be $1.4 billion to $1.5 billion. Analysts had estimated $1.6 billion.
[NetApp operates one of its largest campuses in Research Triangle Park, N.C.]