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NetApp profit misses consensus by 25.8% in fiscal Q2

NetApp Inc. said its normalized net income for the fiscal second quarter ended Oct. 27 was 51 cents per share, compared with the S&P Capital IQ consensus estimate of 69 cents per share.

EPS rose 63.6% year over year from 31 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $140.6 million, a gain of 58.5% from $88.8 million in the prior-year period.

The normalized profit margin rose to 9.9% from 6.6% in the year-earlier period.

Total revenue increased 6.1% on an annual basis to $1.42 billion from $1.34 billion, and total operating expenses came to $1.20 billion, compared with $1.20 billion in the year-earlier period.

Reported net income rose 63.1% on an annual basis to $176.0 million, or 64 cents per share, from $107.9 million, or 38 cents per share.