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NetApp Profit Falls 15%; It Buys Data Domain for $1.5 Billion
Data storage company NetApp(NTAP Quote) said Wednesday that its fiscal fourth quarter profit fell 15% year-over-year, but announced plans to acquire rival Data Domain(DDUP Quote) for $1.5 billion in cash and stock.
The Sunnyvale, Calif.-based company reported fiscal fourth-quarter net income of $75.1 million, or 23 cents per share, a 16% decline from $89.8 million, or 26 cents per share, in the year-ago period. Excluding items, the company saw adjusted fourth-quarter profit of 31 cents per share, while revenue dropped 6% to $879.6 million.
On average, Wall Street analysts expected a profit of 23 cents per share on sales of $856.5 million. ...
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