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NetApp Inc. shares rose in the extended session Tuesday after the provider of data, storage and cloud management for enterprise reported second-quarter revenue and adjusted earnings that beat Wall Street estimates.
NetApp NTAP, +1.59% shares climbed as much as 4.75% in after-hours trading after closing 1.6% higher in the regular session at $54.16.
The Sunnyvale, Calif.-based company attributed its performance partly to to the strength of its cloud business.
“We are a primary beneficiary of the increasing importance of data and are uniquely positioned to help customers with their digital transformations,” NetApp Chief Executive George Kurian said in a statement.
For the quarter ended Oct. 30, the company reported net income of $137 million, or 61 cents a share, compared with $243 million, or $1.03 a share, in the year-ago period. Adjusted earnings were $1.05 a share, excluding depreciation and amortization, stock-based compensation and more. Revenue rose to $1.42 billion from $1.37 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 73 cents a share on revenue of $1.31 billion.
NetApp expects third-quarter earnings of 67 cents to 75 cents a share on revenue of $1.34 billion to $1.49 billion, while analysts had forecast 89 cents a share on revenue of $1.36 billion.
The company’s shares have fallen 13% this year. Meanwhile, the S&P 500 Index SPX, +1.12% is up about 12% year to date.
