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NetApp slides despite delivering beats in Q3 [Seeking Alpha]

NETAPP (NTAP)  More Company Research Source: Seeking Alpha
Last netapp earnings: 5/23 04:01 pm Check Earnings Report
US:NASDAQ Investor Relations: investors.netapp.com
PDF NetApp slides despite delivering beats in Q3NetApp (NASDAQ:NTAP) hastumbled 8.6% after hours on heavy volume despitefiscal Q3 earnings where it topped expectations with the help of double-digit gains in product sales.Net income swung to a headline loss of $506M, but affected by tax reform legislation and the transition tax on foreign earnings. On a non-GAAP basis, net income rose to $273M from a year-ago $231M.The company notes its $2B in all-flash array annunalized net revenue run rate was up nearly 50% Y/Y.Revenue breakout: Product, $920M (up 17.3%); Software maintenance, $237M (down 1.3%); Hardware maintenance and other services, $366M (down 3.7%).Cash, equivalents and investments were $5.6B at quarter's end; cash from operations was $420M vs. a year-ago $235M.For Q4, it's guiding to net revenues of $1.525B-$1.675B (vs. consensus for $1.568B), and EPS of $0.95-$1.03 (vs. consensus for $1.00).Conference call to come at 5:30 p.m. ET.Press releaseSee all stocks on the move »Now read:C [Read more]

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