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NetApp CFO On Why He’s Leaving And Why Not To Obsess Over Financials

Ron Pasek, who this week said he plans to retire from his role at NetApp during a time when NetApp is looking at how to restart growth, told CRN why he is retiring now and why businesses should not read too much into the company's recent financials.

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Tough Times At NetApp, But Maybe Not So Tough

NetApp has had a string of three underperforming quarters, including its third fiscal quarter of 2020 which ended Jan. 24.

For the quarter, total revenue was reported at $1.40 billion compared to $1.56 billion in the same quarter of the previous year. Net income on a GAAP basis was $277 million, or $1.21 per share, up from last year's $249 million, or 98 cents per share. On a non-GAAP basis, net income was $265 million, or $1.16 per share, down from last year's $305 million, or $1.20 per share.

There is no surprise, then, that NetApp's unveiling of the planned retirement of its Chief Financial Officer Ron Pasek on the day the financials were released caused more uncertainty. However, Pasek himself, in a one-on-one meeting with CRN, said his retirement has been in the works for some time, and that industry watchers should not be overly concerned with that or with the recent slowdown in NetApp revenue.

Pasek laid out his case about why NetApp is still a strong company with a lot of potential. To see his take on the quarter and on what might lie ahead for NetApp, turn the page.

 
 
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