(Bloomberg) -- NetApp’s shares fell about 12% in postmarket trading after the data-management company cut its guidance for full-year adjusted earnings per share and revenue growth, despite an improving supply environment and a record financial performance in the second quarter.
Although some analysts expected the company to reaffirm or even raise its view, NetApp cut its earnings per share range to $5.30-$5.50 from $5.40-$5.60 and revenue growth to 2%-4% from 6%-8%. Third-quarter forecasts also missed estimates. However, second-quarter adjusted EPS beat analysts’ expectations, and revenue was almost in line with consensus.
“We delivered a solid quarter in a dynamic environment, with all-time highs for Q2 revenue, billings, gross profit dollars, operating income, and EPS,” said NetApp CEO George Kurian in the company’s earnings release. “In a challenging macro environment, we remain focused on innovation, execution, and operational discipline.”
Shares fell the most of any company in the S&P 500 in after-hours trading, and are down by about 22% year-to-date.
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