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Network Appliance 2Q dips
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August 14, 2001: 4:33 p.m. ET
Data-storage maker meets estimates, cuts 200 jobs as revenue falls
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NEW YORK (CNNfn) - Data-storage device maker Network Appliance Inc. reported fiscal first-quarter earnings Tuesday that matched Wall Street estimates and said it was cutting 200 jobs.
The Sunnyvale, Calif.-based company reported earnings in the quarter ended July 27 of $4.7 million, or a penny a share, compared with $32.6 million, or 9 cents a share, a year ago. Wall Street analysts surveyed by earnings tracker First Call expected the company to earn a penny a share.
The company also said it was cutting 200 jobs and taking a restructuring charge in the second quarter of between $6 million and $8 million.
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Network Appliance reported quarterly revenue fell to $200.4 million from $231.2 million a year ago, part of the motivation for the job cuts.
Network Appliance and other data-storage companies have suffered from a year-long U.S. economic slowdown that has forced businesses to drastically curtail spending on new technology.
Network Appliance (NTAP: Research, Estimates) shares closed Tuesday down $1.19 at $12.80. 
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Network Appliance
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