NetApp Shares Drop As Earnings, Outlook Miss Street View

NetApp Inc. shares sank in the extended session Wednesday after the data-storage systems and services company's earnings and outlook fell below Wall Street estimates. NetApp shares dropped 7.1% to $23.70 after hours. The company reported adjusted fiscal fourth-quarter earnings of 55 cents a share on revenue of $1.38 billion. Analysts surveyed by FactSet had estimated earnings of 58 cents a share on revenue of $1.4 billion. NetApp sees adjusted first-quarter earnings of 34 cents to 39 cents a share on revenue of $1.2 billion to $1.35 billion. Analysts had forecast earnings of 45 cents a share on revenue of $1.26 billion.