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More on NetApp's FQ2: Shares benefiting from low expectations. Product sales -2% Y/Y (about even...

More on NetApp's FQ2: Shares benefiting from low expectations. Product sales -2% Y/Y (about even with EMC's storage growth), software updates/maintenance +11%, services +12%. Americas flat Y/Y, EMEA +2%, Asia-Pac +14%. Diluted shares fell by 3M Q/Q (boosted EPS). Free cash flow of $269M well above net income of $189M. Gross margin was 60.6%, up 30 bps Q/Q and down 130 bps Y/Y. Opex +8% Y/Y, exceeding revenue growth. Deferred revenue flat Q/Q at $2.77B. NTAP +9.9% AH. EMC +1.5%. CC at 5PM ET (webcast). (PR) (supplemental comments)
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