NetApp (NTAP) Q1 Earnings & Revenues Beat Estimates, Down Y/Y
Zacks Investment Research | Aug 15, 2019 07:19AM ET
NetApp, Inc. (NASDAQ:NTAP) reported first-quarter fiscal 2020 non-GAAP earnings of 65 cents per share, surpassing the Zacks Consensus Estimate by 8 cents. However, the figure declined 37.5% from the year-ago quarter. Nonetheless, earnings exceeded management’s revised guided range of 55cents to 60 cents per share.
Revenues of $1.236 billion marginally beat the consensus estimate of $1.23 billion. However, the figure declined 16.1% from the year-ago quarter. Nonetheless, the top line came marginally ahead of the revised guided range of $1.22-$1.23 billion. The year-over-year decline includes negative impact of around one point of exchange rate fluctuations.
Shares Up on Q2 View
In the after-hours trading, shares of NetApp jumped 3%, owing to promising fiscal second-quarter guidance and lower than anticipated decline in reported fiscal first quarter results.
NetApp anticipates non-GAAP earnings for second-quarter fiscal 2020 between 91 cents and 99 cents per share. The Zacks Consensus Estimate is currently pegged at 90 cents.
Moreover, net revenues are anticipated to be in the range of $1.325-$1.475 billion — the mid-point of $1.4 billion comparing favorably with the consensus mark of $1.37 billion.
Notably, NetApp stock has lost 25.1% on a year-to date basis against the .
Long-term earnings growth rate for Chegg and Anixter is currently pegged at 30% and 8%, respectively.
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