Network Appliance also beat analysts' expectations for the fiscal 2001 second quarter. The Sunnyvale, Calif.-based company reported pro forma net income of $36.6 million, or 10 cents a share, compared with pro forma net income of $16.1 million, or 5 cents a share, for the same period a year ago. Revenue increased to $260.8 million from $124.7 million a year ago.
Wall Street predicted that the maker of computer data storage equipment would post earnings of 9 cents a share, the consensus estimate of 21 analysts surveyed by First Call/Thomson Financial.
In after-hours trading, however, Network Appliance fell $9.25, or about 10 percent, to $87 on a volume of 755,500 shares. During the day, the company's shares rose $11.75, or nearly 14 percent, to $96.25.
"We were expecting a little more from the top line," said Bill Lewis, an analyst at Chase Hambrecht & Quist. "People are concerned that the party might be over."
In the past 52 weeks, Network Appliance shares have traded as high as $152.75 and as low as $18.31.
yahoo.cnet.com
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