NetApp Q2 profit jumps 39%, beats estimates
November 14, 2018
NetApp Inc. (NTAP) reported a 39% jump in earnings for the second quarter driven by strong product revenues. The results exceeded analysts’ expectations. The data storage provider guided third-quarter earnings and revenue in line with consensus. Despite this, shares of the company inched down over 5% during extended hours of trading.
Net income climbed by 39% to 1 million or .91 per share. Non-GAAP earnings jumped by 32.5% to .06 per share. Revenue rose by 7% to .52 billion.
Looking ahead into the third quarter, the company expects net revenues in the range of .55 billion to .65 billion and GAAP earnings in the range of .96 to .02 per share. Non-GAAP earnings are anticipated to be in the range of .12 to .18 per share.
For the second quarter, product revenues increased 11% year-over-year helped by a rise in revenue from strategic product and higher mature product revenues. Revenue from software maintenance rose by 5.3%, while that from hardware maintenance declined by 1.1%.
NetApp (NASDAQ: NTAP) Q2 2019 Earnings Call