NEW YORK (
reported disappointing third-quarter outlook and consensus- topping second-quarter earnings at least 30 minutes before scheduled after a leaked earnings report began circulating around the trading community at about 3 pm.
The company was expected to release its earnings report after the market close, but hit newswires at about 3:30 p.m. Eastern Standard Time.
The company has projected third-quarter revenue potentially indicative of the upside momentum that analysts have been predicting for the NetApp beyond the second quarter. But projected EPS for the current quarter disappointed.
As indicated in a copy of the leaked report that market intelligence provider
obtained, NetApp posted second-quarter non-GAAP earnings growth of about 56% to $203 million, or 52 cents a share, from $130 million, or 37 cents a share the same time last year. This topped the Wall Street consensus target of 49 cents a share.
GAAP net income rose by about 72% to $165 million, or 42 cents a share, from $96 million, or 27 cents a share a year ago.
As the leaked report indicated, revenue rose by about 33% to $1.21 billion, from $910 million the previous year, exceeding the average $1.19 billion target.
The company estimates that third-quarter GAAP earnings will fall in the range of 39 cents to 41 cents a share, and the quarter's non-GAAP earnings will fall in the range of 48 cents to 50 cents a share, below the consensus target of 51 cents a share. Third-quarter revenue is expected to be in the range of $1.24 billion to $1.29 billion, which reflects roughly 3% to 7% sequential revenue growth and about 23% to 28% revenue growth year-over-year; the consensus revenue estimate was $1.26 billion.
There's no word yet of how NetApp's earnings report was leaked.
Shares of NetApp have tumbled by 6.5% to $49.25.
-- Written by Andrea Tse in New York.
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