NetApp said to cut 235 jobs in Sunnyvale ahead of earnings report today

NetApp, which is scheduled to report earnings Tuesday after the markets close, is reportedly laying off 235 employees at its Sunnyvale headquarters. The move follows reports of cuts in India as well as an analyst note that the maker of network storage gear is cutting as many as 1,200 jobs, or about 10 percent of its workforce, worldwide.

In an email, NetApp said it cannot comment, citing the quiet period before the release of its fourth-quarter and full-year earnings.

The company — which is said to be among those that should be taking advantage of Big Data’s rise — is expected to post quarterly profit of 68 cents a share on revenue of $1.76 billion, a 3 percent increase year over year.

Shares of the company, which rose sharply last week after a report that activist shareholder Elliott Management had taken a “significant” stake, are down about 2.5 percent to $36.30 as of this post. Monday, NetApp was cut to underperform from neutral by R.W. Baird.

 

Photo from NetApp

Levi Sumagaysay Levi Sumagaysay (3568 Posts)

Levi Sumagaysay is editor of the combined SiliconBeat and Good Morning Silicon Valley. She also blogs and is the online producer for SiliconValley.com, the Mercury News tech website. Email: lsumagaysay (at) bayareanewsgroup (dot-com).