NetApp forecasts annual revenue below estimate on weak data storage demand
NetApp
forecast
fiscal 2026 revenue
below Wall Street expectations on Thursday, hit by sluggish spending on its cloud data storage services as enterprises cut budgets amid
economic uncertainty
, sending its shares down 5% in extended trading.
Macroeconomic volatility stemming from a global trade war and tariff threats have prompted enterprises to keep a tight leash on spending, impacting demand for cloud storage and data processing services provided by companies such as NetApp.
NetApp helps businesses improve the efficiency of their data storage infrastructure and counts companies such Amazon.com's
Amazon Web Services
, Alphabet's Google Cloud and Microsoft's Azure as clients.
The company forecast full-year revenue of between $6.63 billion and $6.88 billion, the midpoint of which came in below the estimate of $6.86 billion, according to data compiled by LSEG.
It expects first-quarter revenue of between $1.46 billion and $1.61 billion, compared with the estimate of $1.61 billion.
Revenue for the fourth quarter came in at $1.73 billion, beating the estimate of $1.72 billion.
NetApp reported profit per share of $1.65 for the quarter, compared with a profit of $1.37 a year ago.
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