NetApp Shares Tumble After Weak First-quarter Outlook

Shares of NetApp Inc. fell 5% after hours Wednesday after the company issued a weaker-than-expected first-quarter earnings outlook. NetApp reported fourth-quarter income of $190 million, or 68 cents per share, after a net loss of $8 million, or a loss of 3 cents per share, in the year-earlier period. It reported adjusted earnings per share of 86 cents, above the FactSet consensus of 82 cents. Revenue was $1.48 billion, up from $1.38 billion in the year-earlier period and above the FactSet consensus of $1.44 billion. It expects first-quarter revenue to be between $1.24 billion and $1.39 billion. The FactSet consensus was for revenue of $1.33 billion. It expects adjusted earnings per share between 49 cents and 57 cents, below the FactSet consensus of 66 cents. Shares of NetApp have fallen 3.4% in the past three months, while the S&P 500 has gained 1.6%.