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NetApp profit misses consensus by 42.5% in fiscal Q2

NetApp Inc. said its normalized net income for the fiscal second quarter ended Oct. 28 came to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS rose year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $88.8 million, a decrease from $90.6 million in the year-earlier period.

The normalized profit margin climbed to 6.6% from 6.3% in the year-earlier period.

Total revenue decreased 7.3% year over year to $1.34 billion from $1.45 billion, and total operating expenses decreased 7.8% on an annual basis to $1.20 billion from $1.30 billion.

Reported net income decreased 6.5% from the prior-year period to $107.9 million, or 38 cents per share, from $115.4 million, or 39 cents per share.