NetApp sees share slump

data storage products, forecast fourth-quarter profit that trailed analyst estimates, as the company boosts spending to catch up with customer demand, reports Bloomberg.

Competition has been heating up with EMC, Dell, HP and IBM all having snapped-up storage companIES in the past year as they push further into the market.

According to The Wall Street Journal, NetApp shares, which have gained more than 80% from their 52-week low hit last February, were down 9.45% at $53.01. The Wall Street Journal says NetApp was the worst performer in the Standard and Poor's 500-stock index.

"Despite any number of intermediate-term macroeconomic concerns, as long as we continue to gain share and outgrow the market, we intend to continue to spend aggressively to make the most of our opportunity," says NetApp chief executive Tom Georgens.

Reuters says NetApp blamed a shortage of semiconductor components for its drop in share price and weaker-than-expected profit forecast.