NetApp  (NTAP) - Get Report spooked investors after the cloud company lowered its revenue guidance for the full year.

The stock was down 18.14% in trading Friday to $47.24.

The company said that full-year revenue would decline between 5% and 10% vs. previous guidance which suggested growth in the low single digits

NetApp also said adjusted first-quarter earnings would be lower than previously thought. Earnings will now likely be in the range of 55 cents to 60 cents a share on sales of around $1.2 billion. That's down from the company's own previous earnings outlook of 55 cents to 64 cents a share on revenue of between $1.3 to $1.5 billion.

The company also advised that past projections should be ignored.

"Investors should not rely on our previous full fiscal year 2020 guidance issued on May 22, 2019," the company stated.

Still, the company's CEO remains optimistic for the future.

"We remain confident in our long-term strategy and the health of our business model," said CEO George Kurian.

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Constable owns none of the securities listed in this story.