NetApp Falls Most in Three Years as Cloud Rains on Earnings
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(Bloomberg) -- Data management company NetApp Inc. dropped10 percent, the most since 2012, after fourth-quarter resultsfell short of analysts’ estimates and it reduced its full yearforecast.
Revenue dropped 6.6 percent from a year ago to $1.5billion. Adjusted earnings were 65 cents a share, missing theaverage estimate of analysts by 7 cents. The Sunnyvale-California based company was downgraded Wednesday by four firms.