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Earnings Results: NetApp stock climbs higher on earnings, forecast beat

NetApp Inc. on Wednesday reported first-quarter results and an outlook that beat Wall Street’s expectations, sending its stock higher in extended trading.

The provider of enterprise data, storage and cloud management set “all-time Q1 company highs for billings, revenue, gross profit dollars, operating income and EPS,” Chief Executive George Kurian said in a statement.

Shares of NetApp

rose about 7% after hours, after falling 0.6% in the regular session to close at $72.82. 

The cloud and data-management company reported first-quarter net income of $214 million, or 96 cents a share, compared with $202 million, or 88 cents a share, in the year-ago period. Adjusted earnings were $1.20 a share, adjusted for stock-based compensation and other costs. Revenue rose to $1.59 billion from $1.46 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $1.10 a share on revenue of $1.55 billion.

NetApp expects second-quarter earnings of 93 cents a share to $1.03 a share on revenue of $1.595 billion to $1.745 billion, while analysts had forecast adjusted earnings of $1.31 a share on revenue of $1.65 billion.

Shares of NetApp have fallen about 21% year to date, while the S&P 500 index

has decreased about 13% so far this year.

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