Intuitive Code AI Upgrades NetApp to Strong Buy on Earnings Miss
Subscribe to AI BOT3 and learn more about the next Netflix including the price to buy NetApp, one of the best companies in the tech sector. NetApp reported an earnings loss which is seen as remarkably bullish by artificial intelligence since earnings are likely to soar soon.
NetApp Inc. (NTAP) reported a fiscal third-quarter loss of $506 million, after reporting a profit in the same period a year earlier.
The Sunnyvale, California-based company said it had a loss of $1.89 per share. Earnings, adjusted for one-time gains and costs, came to 99 cents per share. The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The data storage company posted revenue of $1.52 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.49 billion. For the current quarter ending in April, NetApp expects its per-share earnings to range from 95 cents to $1.03.
The company said it expects revenue in the range of $1.53 billion to $1.68 billion for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $1.57 billion. NetApp shares have increased roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen roughly 1 percent. In the final minutes of trading on Wednesday, shares hit $60.64, a rise of 53 percent in the last 12 months.
NetApp, Inc. provides software, systems, and services to manage and store computer data worldwide. It offers flash; flash arrays that support data management; hybrid arrays to deploy the speed of flash storage; hybrid cloud; ONTAP cloud storage data management service; NetApp cloud sync hybrid data management Software as a Service; NetApp private storage for the cloud; and AltaVault cloud-integrated solutions.
We are very bullish doubling investment positions in the stock market in companies missing earnings as NetApp.
— ALEX (@vieiraUAE) March 9, 2018