NetApp reported quarterly results late Wednesday that beat estimates on the top and bottom lines and provided an outlook that also topped estimates. NTAP stock jumped.
The data management company reported adjusted earnings of $1.20 a share on revenue of $1.59 billion. Analysts expected NetApp to report adjusted earnings of $1.10 a share on revenue of $1.54 billion. Revenue rose 8% from the year-ago period.
Results were for its fiscal first quarter. For its second quarter, NetApp said it expects revenue in the range of $1.595 billion to $1.745 billion. The midpoint of $1.67 billion is above estimates for $1.65 billion.
NetApp expects adjusted earnings in the range of $1.28 to $1.38 a share. The midpoint of $1.33 is above estimates of $1.31
NTAP stock gained 4.9% to 76.40 during after-hours trading on the stock market today.
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"We delivered a great start to the year, fueled by broad-based demand across our portfolio and geographies, setting all-time Q1 company highs for billings, revenue, gross profit dollars, operating income and EPS," NetApp Chief Executive George Kurian said in written remarks with the company's earnings release.
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