NetApp (NTAP) reports mixed Q4 2020 results; provides weak Q1 2021 earnings outlook

NetApp (NASDAQ: NTAP) stock fell about 2% in the after-market session as the company reported mixed results for the fourth quarter of 2020. Also, a weaker-than-estimated earnings outlook for the first quarter of 2021 dragged down the stock. The IT services provider posted non-GAAP EPS of $1.19 on revenue of $1.40 billion. Analysts had expected NetApp to earn $1.15 per share on revenue of $1.43 billion.

On a GAAP basis, net income declined to $196 million or $0.88 per share from $396 million or $1.59 in the fourth quarter of fiscal 2019.

For the first quarter of 2021, NetApp expects non-GAAP income to be in the range of $0.36 to $0.44 per share and GAAP EPS is projected to be in the range of $0.18 to $0.26. Revenue is eyed between $1.090 billion and $1.240 billion.

NTAP stock had fallen about 25% both in the year-to-date and in the past 12 months period.