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NetApp stock rallies on upbeat full-year outlook

Shares of NetApp Inc. (NTAP) jumped 9.7% after hours on Tuesday after the data and storage software company forecast more upbeat profit and sales trends for its full fiscal year. Management said it expected revenue for the full year to be down "approximately 2%," compared with FactSet forecasts for a 3.5% decline and earlier expectations for a "low-to-mid" single digit decrease. The company forecast full-year adjusted earnings per share of $6.05 to $6.25, compared with estimates for $5.73 and a prior forecast from the company for a range of $5.65 to $5.85. Fiscal second-quarter results beat expectations.

-Bill Peters

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11-28-23 1643ET

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