NetApp falls after trimming annual results forecast, brokerages cut PT

NetApp

28/02/2025 17:18

** 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%

 (Reporting by Kritika Lamba in Bengaluru)

 ((Kritika.Lamba@thomsonreuters.com))