NetApp Inc
- NetApp soared 10.3% to $86.11 after the intelligent data infrastructure company reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in October decreased 6% to $1.56 billion from $1.66 billion, and billings declined 9% to $1.45 billion from $1.60 billion a year ago.
Net income plunged to $233 million from $750 million, and diluted earnings per share dropped to $1.10 from $3.41 a year ago.
During the quarter, the company returned $403 million to stockholders through stock repurchases and cash dividends.
For the fiscal year 2024 third quarter, the company estimated revenue in the range of $1.51 billion and $1.67 billion and diluted earnings per share in the range of $1.17 billion and $1.27 billion.
For the full year 2024, the cloud infrastructure company estimated revenue to decline 2% from a year ago, gross margin of 70%, and earnings per share between $4.15 and $4.35 a share.
The company also declared a dividend of 50 cents per share to be paid on January 24, 2024, to shareholders on record on January 5, 2024.
Nov 29, 2023
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