Tech Stocks Investors are Trading After Earnings
NetApp Inc. (NASDAQ:NTAP) reported its results for the third quarter. Net income for the data storage devices company fell to $119.6 million (32 cents per share) vs. $186.4 million (46 cents per share) a year earlier. This is a decline of 35.8% from the year earlier quarter. Revenue rose 21.4% to $1.57 billion from the year earlier quarter. NetApp Inc. reported adjusted net income of 58 cents per share. By that measure, the company beat the mean estimate of 44 cents per share. Analysts were expecting revenue of $1.56 billion.
“More and more customers are leveraging storage virtualization to re-architect their data centers in order to gain efficiency, flexibility and cost savings, and NetApp provides the most compelling value proposition in the industry for both private and public cloud deployments,” said Tom Georgens, president and CEO. “Our success is evident in our results, as NetApp won a record number of new customers, significantly increased our units shipped — including a record number of high-end systems, and saw solid revenue growth across almost all geographies in our third quarter.”
Competitors to Watch: EMC Corporation (NYSE:EMC), Dot Hill Systems Corp. (NASDAQ:HILL), Overland Storage, Inc. (NASDAQ:OVRL), Quantum Corporation (NYSE:QTM), ADPT Corporation (ADPT), Xyratex Ltd. (NASDAQ:XRTX), Seagate Technology PLC (NASDAQ:STX), Western Digital Corp. (NYSE:WDC), Brocade Communications Systems, Inc. (NASDAQ:BRCD), and Intl. Business Machines Corp. (NYSE:IBM).
NVIDIA Corporation (NASDAQ:NVDA) reported its results for the fourth quarter. Net income for the semiconductor company fell to $116 million (19 cents per share) vs. $171.7 million (29 cents per share) a year earlier. This is a decline of 32.4% from the year earlier quarter. Revenue rose 7.5% to $953.2 million from the year earlier quarter. NVIDIA Corporation reported adjusted net income of 26 cents per share. By that measure, the company beat the mean estimate of 19 cents per share. Analysts were expecting revenue of $950.5 million.
“I am pleased with our achievements last year. Our GPU business grew sharply. And, with the success of Tegra, we established our position in the mobile market,” said Jen-Hsun Huang, president and chief executive officer of NVIDIA. “We expect continued growth ahead, as Tegra three powers a new wave of quad-core super phones and Kepler, our next-generation GPU architecture, sets new standards in visual and parallel computing.”
Competitors to Watch: Advanced Micro Devices, Inc. (NYSE:AMD), Intel Corporation (NASDAQ:INTC), Texas Instruments Inc. (NYSE:TXN), Broadcom Corporation (NASDAQ:BRCM), QUALCOMM, Inc. (NASDAQ:QCOM), Microsoft Corporation (NASDAQ:MSFT), Silicon Image, Inc. (NASDAQ:SIMG), Pixelworks, Inc. (NASDAQ:PXLW), Marvell Tech. Group Ltd. (NASDAQ:MRVL), and ARM Holdings plc (NASDAQ:ARMH).
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