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NetApp Surging After Q1 Results

Shares of data storage company NetApp Inc. NTAP 0.35% were trading up in Wednesday's after-hours session in the immediate aftermath of the company's fiscal Q1 earnings results. The stock had jumped nearly 6 percent to $30.40 after closing normal market hours down 0.35 percent to $28.85.

NetApp reported non-GAAP net income, which is comparable to consensus estimates, of $129 million or $0.46 per share, up from $89 million or $0.29 per share, in last year's comparable period. This handily beat analysts' consensus EPS estimates of $0.36.

Revenue in the quarter was $1.29 billion, down from the $1.33 billion that NetApp reported in last year's first-quarter. This also topped consensus Wall Street revenue estimates of $1.26 billion.

Looking ahead, the company sees Q2 revenue between $1.265 billion and $1.415 billion and EPS of $0.51 to $0.56. This compares to current consensus estimates calling for sales of $1.33 billion and EPS of $0.55.

"We are pleased with our first quarter results. Our focus on disciplined execution of our strategy is yielding results and starting to change the trajectory of our business," said George Kurian, chief executive officer. "We remain sharply focused on operating more efficiently while delivering market-leading innovations that are aligned to our customers' business and IT transformation priorities."

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