NetApp results miss estimates; shares fall

May 20, 2015 admin boost-growth, buyout, helping-users, history-website, media-reports, products-as-businesses, profit-below, rootstech, shares-down, working-hard

(Reuters) – Data storage equipment maker NetApp Inc reported fourth-quarter results below analysts’ estimates, hurt by lower sales to original equipment manufacturers, sending its shares down more than 10 percent in extended trading. The company, which cut about 500 jobs, also forecast first-quarter profit below market estimates. NetApp has been trying to boost growth by focusing on cloud-based products as businesses cut spending on high-end storage systems.

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NetApp results miss estimates; shares fall