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NetApp Cuts FY23 Outlook; Stock Down 11%

While reporting its results for the second quarter on Tuesday, NetApp, Inc. (NTAP) lowered its outlook for the full year 2023.

Looking forward, the company now expects adjusted earnings of $5.30 - $5.50 per share and revenue growth of 2% to 4%.

Previously, the company expected adjusted earnings of $5.40 - $5.60 per share and revenue growth of 6% to 8%.

Analysts polled by Thomson Reuters currently estimate earnings of $5.52 per share and revenues of $7.30% for the full year.

NTAP closed Tuesday's trading at $71.79, down $0.78 or 1.07%, on the Nasdaq. The stock further slipped $8.29 or 11.55% in the after-hours trading.

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