August 15, 2012 / 8:15 PM / 5 years ago

NetApp 1st-qtr profit down 54 pct

1 Min Read

Aug 15 (Reuters) - Storage equipment maker NetApp Inc's first-quarter earnings fell 54 percent to $64 million on weak IT spending and a slowdown in Europe.

Revenue fell slightly to $1.45 billion.

Excluding one-time items, the company reported a profit of 42 cents a share.

Analysts were looking for a profit of 38 cent a share on revenue of $1.46 billion, according to Thomson Reuters I/B/E/S.

The company's shares closed at $31.74 on Wednesday on the Nasdaq.

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