What to Expect From NetApp’s Upcoming Q3 Earnings Report?
<p>Deutsche Bank provided its outlook on <a href='https://financialmodelingprep.com/financial-summary/NTAP'>NetApp, Inc. (NASDAQ:NTAP)</a> ahead of the company’s upcoming Q3 earnings announcement on Feb 22.</p>
<p>The analysts expect Q3 results to be in line with or slightly below the mid-point of guidance but turned more cautious on the revenue outlook for 2023 given the company's headcount reduction announced on Jan 31. </p>
<p>While the analysts had expected storage demand to be resilient, large-scale layoffs in recent weeks by technology companies suggest that the macro environment is expected to remain challenging. Deutsche Bank now believes the company's storage hardware could see a correction for 4-6 quarters, and its Public Cloud business could also see slower growth due to shrinking IT budgets. Therefore, the analysts lowered their 2023/2024 growth rates from -2%/+7% to -5%/+3%.</p>

NASDAQ:NTAP