NetApp Revises Fiscal 2025 Outlook Amid Challenges

NetApp has revised its fiscal 2025 outlook, reducing its revenue and adjusted earnings per share expectations due to weakening demand amid economic uncertainties and inflation. The company now expects revenues between $6.49 billion and $6.64 billion and adjusted EPS between $7.17 and $7.27. Its third-quarter revenue fell short of Wall Street forecasts at $1.64 billion, while earnings of $1.91 per share met expectations. The company's shares dropped 14% in after-hours trading following these announcements. Analysts have adjusted their price targets downward, though they maintain that NetApp will perform in line with industry peers. NetApp has also appointed Wissam Jabre as the new CFO, effective March 10, to navigate these challenges.