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Investing.com – NetApp (NASDAQ:NTAP) reported Wednesday fiscal first-quarter earnings that beat analysts’ forecasts on both the top and bottom lines.
NetApp announced earnings per share of $0.73 on revenue of $1.30B. Analysts polled by Investing.com anticipated EPS of $0.41 on revenue of $1.15B.
The company reported billings of $1.15 billion, an increase of 6% year-over-year.
“We executed well in the first quarter. Revenue, operating margin and EPS all exceeded our guidance, despite a challenging environment. Enterprises are increasingly prioritizing transformational and hybrid cloud projects, which drove our momentum as customers turn to NetApp to help them achieve these goals,” said George Kurian, chief executive officer.
Looking ahead to its fiscal second-quarter results, the company guided revenue in the range of $1.225 billion to $1.375 billion and non-GAAP earnings of $0.66-to-$0.74 a share.
NetApp shares are down 32% from the beginning of the year, still down 35.45% from its 52-week high of $65.38 set on January 16. They are under-performing the Nasdaq, which is up 30.01% from the start of the year.
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar
