NetApp Stock Pops on Q1 Earnings, Revenue Beat

NTAP stock gained about 2.1% after hours

NetApp (NASDAQ:NTAP) reported its latest quarterly earnings results on Wednesday, posting strong earnings and revenue that helped its shares increase late in the day.

NetAppThe Sunnyvale, Calif.-based company said that its fiscal first quarter of 2019 brought in net income of $283 million, or $1.05 per share. When adjusted for non-recurring gains, the company posted earnings of $1.04 per share.

NetApp’s adjusted earnings were stronger than the 80 cents per share that analysts surveyed by Zacks Investment Research were calling for, according to data compiled from 10 analysts. The data storage company also raked in revenue of $1.47 billion to kick off the fiscal year.

The figure was stronger than the data from ten analysts surveyed by Zacks, as they were forecasting revenue of $1.42 billion. For its second quarter of fiscal 2019, NetApp is calling for adjusted earnings in the range of 94 cents per share to $1 per share.

Plus, the data storage services provider foresees its revenue as being between $1.45 billion and $1.55 billion for the period. CEO George Kurian wrote in a statement that innovations created by NetApp led to “new partnerships, products and solutions to help data-driven organizations thrive,” helping it have a strong first quarter.

NTAP stock gained about 2.1% after the bell following its strong quarterly earnings results on Wednesday. Shares had been down about 0.4% during regular trading hours on Wednesday.

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