NetApp Swings to Loss on Tax Charge
February 14 2018 - 5:13PM
Dow Jones News
By Bowdeya Tweh
NetApp Inc. (NTAP) swung to a third-quarter loss as it reported
an $856 million one-time charge related to recent changes in U.S.
tax law.
The Sunnyvale, Calif., technology company on Wednesday said it
lost $506 million, or $1.89 a share, in the quarter compared with a
profit of $146 million, or 52 cents a share, a year earlier.
Excluding one-time items, the company reported a profit of $273
million, or 99 cents a share.
Revenue rose 8% to $1.52 billion.
Analysts polled by Thomson Reuters had expected the company to
report an adjusted per-share profit of 91 cents on $1.5 billion in
revenue.
For the fourth quarter NetApp expects revenue of $1.53 billion
to $1.68 billion and adjusted earnings per share between 95 cents
and $1.03. Analysts had expected $1 a share on an adjusted basis on
$1.57 billion in revenue.
Shares in NetApp fell 9% to $55.19 after hours. During regular
trading shares rose 3.2%.
Write to Bowdeya Tweh at bowdeya.tweh@wsj.com
(END) Dow Jones Newswires
February 14, 2018 16:58 ET (21:58 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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