The Sunnyvale, Calif., company earned $103 million, or 42 cents a share, compared with $283 million, or $1.05 a share, in the year-ago period. Adjusted earnings were 65 cents a share, beating analysts' estimates of 62 cents a share.
Revenue totaled $1.24 billion, slightly ahead of Wall Street's expectations and down from $1.47 billion a year ago.
NetApp earlier this month had warned that its sales would lag expectations. The company said it expected to report July quarter revenue of $1.22 billion to $1.23 billion, below prior guidance of $1.32 billion to $1.47 billion.
"I am clearly disappointed with our Q1 top-line results but remain confident in our strategy and the fundamentals of our business model," Chief Executive George Kurian said in a statement.
"The gross-margin and cost-structure improvements we've made provide support for our free-cash-flow generation and enable us to navigate the ongoing macroeconomic headwinds while making the strategic moves that position us well to return to growth."
NetApp expects second-quarter earnings of 91 cents to 99 cents a share on revenue of $1.33 billion to $1.48 billion, while analysts are looking for earnings of 90 cents a share and revenue of $1.37 billion.
For the full year, the company expects non-GAAP earnings to increase 66% to 67%.
NetApp stock had slumped on the revenue warning. And it is now trading at about half its 52-week high with a trailing-12-months p/e multiple of about 11.5.