Shares of NetApp Inc. slumped in Wednesday’s extended session after the data management company posted a quarterly loss. Netapp reported it swung to a loss of $506 million, or $1.89 a share, from a profit of $146 million, or 52 cents a share, a year earlier. The company cited a one-time charge of $856 million associated with U.S. tax cuts for the loss. On an adjusted basis, the company would have earned 99 cents a share. Revenue rose to $1.52 billion versus $1.40 billion a year ago. Analysts surveyed by FactSet Research had forecast adjusted earnings of 91 cents and revenue of $1.50 billion. NetApp shares slumped 8.8% after hours.
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