Data storage company NetApp (NASDAQ: NTAP) will be reporting results this Wednesday after market close. Here’s what to expect.
NetApp beat analysts’ revenue expectations by 0.7% last quarter, reporting revenues of $1.73 billion, up 3.8% year on year. It was a slower quarter for the company, with revenue guidance for next quarter missing analysts’ expectations.
Is NetApp a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting NetApp’s revenue to be flat year on year at $1.55 billion, slowing from the 7.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.54 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. NetApp has missed Wall Street’s revenue estimates twice over the last two years.
Looking at NetApp’s peers in the hardware & infrastructure segment, some have already reported their Q2 results, giving us a hint as to what we can expect. IonQ delivered year-on-year revenue growth of 81.8%, beating analysts’ expectations by 21.5%, and Diebold Nixdorf reported a revenue decline of 2.6%, topping estimates by 3.3%. IonQ traded down 1.7% following the results while Diebold Nixdorf was up 6.6%.
Read our full analysis of IonQ’s results here and Diebold Nixdorf’s results here.
Investors in the hardware & infrastructure segment have had steady hands going into earnings, with share prices flat over the last month. NetApp is up 4.5% during the same time and is heading into earnings with an average analyst price target of $116.79 (compared to the current share price of $111.76).
When a company has more cash than it knows what to do with, buying back its own shares can make a lot of sense–as long as the price is right. Luckily, we’ve found one, a low-priced stock that is gushing free cash flow AND buying back shares. Click here to claim your Special Free Report on a fallen angel growth story that is already recovering from a setback.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.
