NetApp (NTAP) Shares Fall 6% Following Q3 Beat and Mixed Outlook, Acquires Fylamynt

NetApp (NASDAQ: NTAP) shares were trading more than 6% lower after-hours on the company’s mixed outlook, while the Q3 results came in better than the Street expectations.

Q3 EPS was $1.44, above the consensus estimate of $1.28, and revenue was $1.6 billion (up 10% year-over-year), compared to the consensus estimate of $1.61 billion.

The company made an announcement today, according to which it has acquired Fylamynt, a CloudOps automation technology company that enables customers to build, run, manage and analyze workflows securely in any cloud with little to no code. The company didn’t provide any financial detail regarding the transaction.

The company expects Q4/22 EPS in the range of $1.21-$1.31, compared to the consensus of $1.35, and revenue of $1.635-1.735 billion, compared to the consensus of $1.67 billion.

For the full 2022-year, the company expects EPS in the range of $5.07-$5.17, compared to the consensus of $5.06. Net revenues are expected to grow around 10%.

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