Did Hacker Get NetApp Earnings Early? NetApp Earnings Mistake Causes Stock To Plummet on Unauthorized Access
NetApp stock was suspended on the Nasdaq after the earnings were released early by some unauthorized access. Normally companies release after the bell, but in NetApp’s case it was suspect because it was released early.
It looks like a hacker might have accessed the companies web site to get the numbers early. If this is the case then this is a big deal on that alone never mind that NetApp might be in trouble.
According to reports
Data storage equipment maker NetApp Inc (NTAP.O: Quote, Profile, Research, Stock Buzz) issued a quarterly profit forecast below Wall Street projections, echoing a disappointing business outlook from Cisco Systems Inc (CSCO.O: Quote, Profile, Research, Stock Buzz) that roiled markets last week.
NetApp said it expects to report third-quarter profit, excluding items, of 48 to 50 cents per share, below the 51 cent average forecast, according to Thomson Reuters I/B/E/S.
NetApp shares fell 6.5 percent to $49.25 on Nasdaq on the news, which financial news network CNBC reported before the company issued its press release.
Trading of the shares was suspended on Nasdaq prior to release of the earnings
What happened with Netapp?
From what I can tell they hit their revenue target but undershot on the profitability. NetApp just had a big product announcement and maybe some top customers sat on the sidelines until they released that new set of products.
The other whispers on the street say that Netapp is retooling their core platform and that their OEM is soft. We are trying to get some facts to understand if NetApp is being impacted by changes in the market and their business.
I will try to get info from their earnings call. Stay tuned.
We had Netapp CEO Tom Georgens on theCube at VMworld 2010.
CEO Tom Georgens at VMworld 2010 on theCube – SiliconANGLE.tv
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