Stock Alert: NetApp Up 6% As Quarterly Results Beat Estimates

(RTTNews) - Shares of NetApp Inc. (NTAP) are rising more than 6 percent or $2.69 in Thursday's morning trade at $44.90, after the cloud storage software company's quarterly results beat estimates.

Wednesday, NetApp reported first-quarter net income of $77 million or $0.35 per share, down from $103 million or $0.42 per share last year. However, adjusted earnings of $0.73 per share topped the consensus estimate of analysts' polled by Thomson Reuters of $0.41 per share.

Revenue for the quarter rose to $1.30 billion from $1.24 billion last year. The Street had a consensus estimate of $1.15 billion.

For the second quarter, NetApp expects adjusted earnings of $0.66 to $0.74 per share and revenues of $1.225 billion to $1.375 billion. Analysts currently estimate earnings of $0.77 per share and revenues of $1.24 billion.

NetApp has traded in a range of $34.66 to $65.38 in the past 52 weeks.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Markets Videos


Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More