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NetApp Inc. (NTAP) Shares Pop as Q2 Earnings Gain 35% Y/Y

NetApp Inc. (NASDAQ:NTAP) posted it fiscal second-quarter results on Wednesday, coming in well ahead of the year-ago figures.

NetApp Inc. (NTAP)The company reported earnings of 64 cents per share for its second period of fiscal 2018, which marked a 68% increase year-over-year. Meanwhile, adjusted earnings were 81 cents per share, ahead of the year-ago quarter by 35%.

The figure was also ahead of the 69 cents per share that analysts polled by Zacks Investment Research were calling for. Revenue was strong too at $1.42 billion, topping the consensus estimate of $1.38 billion and growing 4% year-over-year.

Cash from operations amounted to $315 million, nearly doubling the second quarter of fiscal 2017’s results of $158 million. The share repurchase and dividend program returned $204 million to shareholders.

“Our strong performance was driven by excellent execution and reflects our customers’ clear and growing preference for the value of our Data Fabric strategy. We are winning because we enable our customers’ success through data,” said George Kurian, CEO of NetApp.

For the third quarter of the current fiscal year, the company projects net revenue in the range of $1.43 billion and $1.58 billion. GAAP earnings are expected to be around 50 cents per share.

NetApp’s next cash dividend is slated to be 20 cents per share to be paid on Jan. 24, 2018. The move applies to shareholders of records as of the close of business on Jan. 5, 2018.

NTAP shares gained 0.4%, fell 0.1% after hours.

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