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NetApp EPS Leaked; Shares Flop

(NetApp earnings story updated to reflect more details about the leak and price change)

NEW YORK ( TheStreet) -- NetApp (NTAP - Get Report) shares are firmly in the red following reports of leaked second-quarter earnings.

NetApp shares have tumbled 6.5% to $49.25 in a stark reversal of the stock's advances this morning on positive analyst views on its prospects.

According to market intelligence provider StreetAccount and CNBC, NetApp's second-quarter earnings were leaked before the company was able to make its own announcement after the market close Wednesday.

A copy of the presumed leaked income statement, according to StreetAccount, indicates that the company will be reporting earnings of about 52 cents a share, topping the Wall Street consensus estimate of 49 cents a share, if comparable. The supposed leaked statement shows revenue of $1.21 billion vs. the $1.19 billion consensus target, according to StreetAccount.

Numerous media outlets have reported the company's earnings ahead of NetApp before the closing bell, subsequent to the leak.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here: Andrea Tse.

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