Reported about 12 hours ago
NetApp's revenue forecast for the second quarter slightly exceeded expectations, yet shares fell nearly 6% as companies curtail spending on cloud storage amid economic uncertainties. The company, which serves major clients like Amazon and Microsoft, projected revenues between $1.615 billion and $1.765 billion, with an adjusted profit estimate of $1.84 to $1.94 per share. Although its quarterly revenue slightly surpassed estimates, rising interest rates and inflation are impacting demand for its services.
Source: YAHOO