NetApp Reported Better-than-Expected Q1 Earnings


This week, NetApp, Inc. (NASDAQ: NTAP), the storage-appliance maker, announced its financial results for the first quarter ended July 28, 2017, with both earnings and revenues beating estimates.

For the first quarter of fiscal 2018, net revenues increased from $1.29 billion during the same period last year to $1.33 billion, beating analysts’ estimates of $1.32 billion. The company reported net income of $136 million, or $0.49 per share for the first quarter, also beating estimates of $0.37 per share.

Based on the results for the first quarter, the company also provided guidance for the second quarter of fiscal 2018. Net revenues expected to be between $1.31 billion and $1.46 billion. GAAP earnings per share is expected to be between $0.47 and $0.55 per share, while non-GAAP earnings is expected to be between $0.64 and $0.72 per share.

“We delivered strong Q1 results across the board and continued to introduce substantial innovation. We are strengthening our leadership position by enhancing our all flash array and converged infrastructure offerings, and augmenting our Data Fabric strategy,” George Kurian, the chief executive officer of the company, said in the statement on Wednesday.

“Customers and industry leaders are excited by our strategic direction and are choosing NetApp as their partner for data-driven digital transformations. We are building on a strong foundation and are, without question, the best positioned and the best executing company in the industry,” he added.

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