NetApp Stock Soars 9% On Strong Earnings And Outlook

Shares of NetApp Inc. soared 9% in after-hours trade Wednesday following the company's stronger-than-expected earnings report and upbeat outlook. The data storage company reported net income of $146 million, or 52 cents a share, compared with $153 million, or 52 cents a share, in the year-earlier period. Excluding one-time items, NetApp reported non-GAAP earnings of 82 cents a share, compared with 70 cents in the year-earlier period, topping average analyst estimates in a FactSet survey of 74 cents. Revenue for the period increased slightly to $1.40 billion from $1.39 billion, coming in virtually in-line with expectations. For the current quarter, NetApp forecast adjusted earnings per share of 79 cents and 84 cents, compared with 55 cents last year, which is above the current FactSet consensus estimate of 77 cents. As of close of trade on Wednesday, shares of NetApp had increased nearly 12% in the past three months and 78% in the past year. The stock has outperformed the S&P 500 , which is up nearly 8% in the past three months and 26% in the past year.

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