DOW JONES NEWSWIRES NetApp Inc.'s (NTAP) fiscal second-quarter net income dropped 41% amid higher operating expenses as the data-storage company's largest segment saw modest product-sales gains.
The company also refused to issue a forecast for the fiscal third quarter, noting the economic uncertainty, other than to say margins and operating costs should be roughly equal to the latest quarter.
For the quarter ended Oct. 24, NetApp reported net income of $49.2 million, or 15 cents a share, down from $83.8 million, or 23 cents a share, a year earlier. Excluding items such as stock-compensation and acquisition-related costs, earnings fell to 28 cents a share from 32 cents.
Revenue increased 15% to $911.6 million.
In August, the company predicted per-share earnings of 27 cents to 30 cents on revenue of $910 million to $940 million.
Gross margin fell to 59.9% from 61.1% as operating expenses grew 19%.
Product sales climbed 5.4% while revenue from the much-smaller software and service segments jumped 30% and 41%, respectively.
Last month, JPMorgan cut its stock rating on NetApp, citing slowing growth and the company's exposure to the financial-services segment.
NetApp, which changed its name from Network Appliance earlier this year, faced some speculation this summer that the company could be a takeover target. Shares, which have skidded 58% this year and closed at a six-year low, rose 2% after-hours to $10.60.
-By John Kell, Dow Jones Newswires; 201-938-5285; John.Kell@dowjones.com;
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(END) Dow Jones Newswires
November 12, 2008 16:56 ET (21:56 GMT)

Publié le 12 novembre 2008 Copyright © 2008 Dowjones