NetApp says CFO to retire next year, shares fall

NetApp

28/08/2024 23:12

** Data infrastructure company NetApp's shares  NTAP.O  fall
6% to $124, after the bell
    ** NetApp says CFO Mike Berry will retire on May 23, 2025
    ** Company raises annual profit and revenue forecast,
anticipating steady demand for its cloud-based data management
services
    ** Now sees FY25 revenue between $6.48 bln and $6.68 bln,
compared with prior projection of $6.45 bln to $6.65 bln
    ** Net revenue for Q1 came in at $1.54 bln, slightly above
analysts' estimate of $1.53 bln - LSEG data
    ** NTAP expects annual adjusted profit per share between $7
and $7.20, above ests. of $6.89
    ** Up to Wednesday's close, stock was up 72.6% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))