NetApp Shares Drop As Results, Outlook Disappoint

NetApp Inc. shares fell in the extended session Wednesday after the data storage company's quarterly results and outlook disappointed. NetApp shares dropped 6.2% to $37.31 on moderate volume. The company reported adjusted fiscal third-quarter earnings of 75 cents a share on revenue of $1.55 billion. Analysts surveyed by FactSet had estimated 77 cents a share on revenue of $1.61 billion. NetApp forecast adjusted fiscal fourth-quarter earnings of 70 cents to 75 cents a share on revenue of $1.55 billion to $1.65 billion. Analysts estimate 89 cents a share on revenue of $1.69 billion.