NetApp to Lay Off 500 Workers in Restructuring

21 May 2015 | Author: | No comments yet »

NetApp Drops 6%: FYQ4 Results, Q1 View Miss; CEO Says ‘Not Satisfied’.

Storage technology vendor NetApp (NTAP) this afternoon reported fiscal Q4 revenue and earnings per share that missed analysts’ expectations, and forecast this quarter’s results well below consensus. CEO Tom Georgens said the company is “not satisfied with our fourth quarter results and are taking concrete action to transition NetApp for the next phase of growth.” Georgens added that “Clustered ONTAP is the foundation of a Data Fabric, our vision for the future of data management, which enables enterprises to realize the value of the cloud as a seamless extension of their on-premises environment. For the 2015 fiscal year NetApp posted adjusted EPS of $2.70 on revenues of $6.12 billion compared with EPS for the prior year of $2.78 and revenues of $6.33 billion. Analysts at RBC Capital lowered their price target on shares of NetApp from $41.00 to $38.00 and set a “sector perform” rating on the stock in a research note on Friday, May 15th.

The Company’s fabric-attached storage (FAS) platform offers the storage platform for business applications, shared infrastructures and cloud environments. NetApp is an original equipment manufacturer (OEM) storage provider and enables OEMs to offer information technology (IT) and storage solutions that serve markets and customer requirements. Receive News & Ratings for NetApp Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for NetApp and related companies with Analyst Ratings Network’s FREE daily email newsletter.

Data ONTAP delivers data protection, data management, and built-in software for virtualized, shared infrastructures, cloud computing, and mixed workload business applications.

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