BUZZ-NetApp falls after trimming annual results forecast, brokerages cut PT
ReutersFeb 28, 2025 5:18 PM
Shares of data storage firm NetApp NTAP.O fell 16% to $99.47
The company on Thursday lowered its annual revenue forecast to between $6.49 billion and $6.64 billion, compared with prior expectations of $6.54 billion to $6.74 billion
It forecast 2025 adjusted EPS between $7.17 and $7.27, down from earlier projection range of $7.20 to $7.40
The company faces sluggish demand as businesses pull back spending amid rising macroeconomic uncertainty and inflation
"Reduction is primarily driven by FX and the planned divestiture of spot," the company said
At least eight brokerages cut PT
In 2024, the company's shares rose 31.7%
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