NetApp

Shares of NetApp Inc. ( NTAP - Get Report)  fell 8.8% to $61.42 Thursday after the data storage company missed Wall Street's fiscal third-quarter revenue expectations.
 
The Sunnyvale, California-based company said it earned $249 million, or 98 cents a share, compared with a loss of $479 million, or $1.79 a share, a year earlier.  Adjusted earnings came to $1.20 a share, compared with $1.05 a share a year ago, and beat analysts' expectations of $1.20 a share.

Revenue totaled $1.56 billion, up 2% from a year ago, but missed Wall Street's expectations of $1.60 billion.

"Although I am disappointed that revenue came in at the low end of our guidance range, we continue to demonstrate discipline in how we manage the business," CEO George Kurian said in a statement. "We are playing into the big market transitions from a position of strength and are focused on execution to maximize our opportunity in an uncertain macroeconomic environment"

Kurian added that "our flash, hybrid cloud infrastructure, and AI solutions are serving as pillars of customers' new architectures and we are seeing adoption of our cloud offerings as part of our customers' foundation for moving applications and data to the cloud."

"We have conviction in our strategy to drive long-term growth," Kurian said.

For the current quarter ending in April, NetApp expects its per-share earnings to range from $1.22 to $1.28. Analysts are calling for earnings of $1.25 a share.

NetApp said it expects revenue in the range of $1.59 billion to $1.69 billion for the fiscal fourth quarter, while analysts forecast revenue of $1.71 billion.