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NetApp profit misses consensus by 48.7% in fiscal Q3

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NetApp profit misses consensus by 48.7% in fiscal Q3

NetApp Inc. said its normalized net income for the fiscal third quarter ended Jan. 23 came to 39 cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS decreased year over year from 41 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $125.1 million, a decline of 12.8% from $143.5 million in the prior-year period.

The normalized profit margin dropped to 8.0% from 8.9% in the year-earlier period.

Total revenue declined on an annual basis to $1.55 billion from $1.61 billion, and total operating expenses fell on an annual basis to $1.35 billion from $1.38 billion.

Reported net income declined 6.7% on an annual basis to $177.6 million, or 56 cents per share, from $190.4 million, or 55 cents per share.