LIVE: Wall St. OK with HP Earnings and NetApp’s Repurchase Program
On today’s SiliconANGLE Live NewsDesk Show, (see live feed below or visit youtube.com/siliconangle to watch on-demand), we dive into the earnings reports of computer industry giant Hewlett-Packard and its fiscal year Q2 2013 results, as well as storage industry specialist NetApp and its fiscal Q4 2013 and full year results.
Revenue came in at $27.6 billion for HP, just below estimates, but Wall Street didn’t seem to mind. In after-hour trades on Wednesday after the report came in, HP’s stock went up 13 percent. HP expects earnings to come in between 84 and 87 cents per share for the third quarter, and that topped expectations from analysts, who were looking for 83 cents a share.
NetApp’s is expected to post a quarterly profit of 68 cents a share on revenue of $1.76 billion. While that is a 3 percent increase year over year, not all is hugs and kisses at NetApp’s Sunnyvale headquarters. Analyst note that the company is cutting as many as 1,200 jobs, or about 10 percent of its workforce, worldwide. NetApp is tapping into its cash stockpile and restructuring their payout to investors, helping to deflect attention away from the Q4 decline.
Joining us now to give us his breaking analysis about both HP and NetApp’s earnings reports is Wikibon Chief Analyst Dave Vellante. (See the live broadcast, embed below ~ if you missed today’s topic, check our YouTube channel for archived clips.)
Some of the things we’ll be discussing with Vellante include Wall Street’s positive outlook on HP despite an earnings decline of 31 percent from a year ago and a 10 percent revenue decline over that same period, the challenges still facing HP CEO Meg Whitman on her turnaround of the company, whether the flat growth of NetApp is indicative of a slowdown in the storage business overall, and the broader outlook for NetApp moving forward.
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