NetApp's (NTAP) Tops Q2 Views, But Q3 Gudiance Doesn't Live Up to Lofty Views


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With earnings due after the close, investors in NetApp (Nasdaq: NTAP) were shocked when the saw shares plunge mid-day after a earnings and guidance leak.

At around 2:42PM Bloomberg ran headlines that EPS for the second quarter was $0.52 on sales of $1.21 billion, which was slightly better than the consensus of $0.49 and $1.19 billion. However, third quarter EPS guidance was being reported at $0.48-$0.50, versus the consensus of $0.51, and Q3 sales of $1.240 billion to $1.290 billion, versus the consensus of $1.26 billion.

After selling off 6.6 percent on the headlines, shares were halted for trading at 3:11:27 PM ET.

At 3:31PM ET, NetApp confirmed the earlier report by release the official press release. The company didn't explain how the report leaked.

The leak of NetApp's numbers comes just a week after the same thing happened to Disney ( DIS ), with earnings leaking just before the close.

Share are now set to re-open for trading at 4:15PM ET.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks
More Headlines for: DIS , NTAP

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