For the current quarter ending in November, NetApp expects its per-share earnings to range from 55 cents to 60 cents.
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NetApp stock is up $3.85, or nearly 13%, at $33.63.
Data storage company NetApp Inc (NTAP) on Wednesday reported first-quarter net loss of $30 million or $0.10 per share compared with a profit of $88 million or $0.27 per share past year. The business earned $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion.
NetApp is still fighting an uphill battle in terms of revenue growth, but a surprisingly strong first fiscal 2016 quarter earnings report fed renewed enthusiasm for the storage company’s share prices.
About 56 percent of NetApp’s revenue came from the North American market, a share that has remained fairly steady over the past few years. Zacks upgraded shares of NetApp from a sell rating to a hold rating in a research report on Tuesday, August 11th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and three have issued a buy rating to the stock. Analyst consensus for Q1 was originally 60 cents a share on $1.46 billion in revenue. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
NetApp, Inc. (NASDAQ:NTAP) is engaged in providing applications, systems and services to manage and store customer data. Its information management solutions enable customers on- or in a cloud resource that is public to command, integrate, move and handle it. It offers both all- hybrid flash arrays and flash arrays and its portfolio includes hybrid and all -flash storage offerings.
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Mr. Kurian, who previously oversaw strategy and development of the company’s product and solutions portfolio, became the chief executive in June, less than two weeks after the Silicon Valley company said it would lay off 500 workers, or about 4% of its global workforce. Its Data ONTAP software delivers cloud computing, information management and software for virtualized, shared infrastructures, data protection and miscellaneous workload company applications.
