NetApp rises aftermarket as 1st-quarter results and outlook surpass Wall Street estimates

MarketsAssociated Press

Shares of NetApp climbed in aftermarket trading Wednesday after the data storage company reported solid fiscal first-quarter results and gave an upbeat outlook for its current quarter.

NetApp's adjusted net income and revenue were a bit better than Wall Street expected, and its estimates for the second quarter were above estimates. Shares of the company are trading at their lowest prices since late 2012, and they advanced $2.06, or 6.9 percent, to $31.84 in the aftermarket session.

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The company said it lost $30 million, or 10 cents per share, over the three months that ended on July 31. But excluding items like stock-based compensation costs, restructuring charges, amortization expenses, NetApp said it earned a profit of 29 cents per share. Its revenue fell 10 percent to $1.34 billion.

Analysts expected net income of 23 cents per share and $1.33 billion in revenue, according to Zacks Investment Research.

The Sunnyvale, California-based company it expects adjusted income of 55 cents to 60 cents on $1.4 billion to $1.5 billion in revenue in the fiscal second quarter.

Analysts expected a profit of 45 cents per share and $1.39 billion in revenue, according to FactSet.

NetApp shares have dropped 28 percent in 2015 and closed at $29.78 on Wednesday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NTAP at http://www.zacks.com/ap/NTAP

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Keywords: NetApp, Earnings Report