NetApp Inc forecast a current-quarter profit below market estimates after reporting a 4 percent fall in quarterly revenue, hurt by lower sales of data storage products. NetApp said it expects an adjusted profit of 53-58 cents per share on revenue of $1.42-$1.52 billion for the first quarter. Analysts on average were expecting a profit of 62 cents per share on revenue of $1.52 billion, according to Thomson Reuters I/B/E/S. “Revenue was a bit short as our OEM business was a bit weaker and that’s reflected in both this quarter’s results and our guidance for the next quarter,” Chief Executive Tom Georgens told Reuters. IBM Corp, NetApp’s largest OEM (original equipment manufacturer) customer, reported its lowest quarterly revenue in five years as hardware revenue fell 23 percent.
NetApp forecasts profit below Street, posts lower revenue
22
May
2014
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