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Federal spending concerns weigh on NetApp forecast

14
Nov
2013

Data storage equipment maker NetApp Inc forecast current-quarter revenue below analysts expectations, flagging concern around the U.S. governments spending cuts. NetApp shares fell almost 3 percent after the bell. The company, which competes with EMC Corp, Hewlett-Packard Co and IBM Corp in the storage equipment business, forecast third-quarter adjusted earnings of 68-73 cents per share. Analysts on average were expecting 73 cents per share, according to Thomson Reuters I/B/E/S. NetApp said it expects revenue to be between $1.58 billion and $1.68 billion, below the $1.69 billion analysts were expecting.

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