NetApp (NTAP) Shares Surge On Co.’s Record Results

Shares of NetApp Inc. (NTAP) surged more than 18 percent on Thursday, a day after the storage-computer maker beat analysts’ estimates for Q4 and exceeded guidance estimates for Q1’10.

NetApp reported fiscal Q4 income of $145.1 million, or 40 cents a share, more than double its earnings of $68.4 million, or $0.21 per share, in the same quarter last year. Revenue rose 33% to $1.17 billion, versus the $1.09 billion consensus, from $880 million. Adjusted income was 50 cents a share versus consensus of $0.44 on revenue of $1.08 billion.

For the current quarter, the data storage company said it expects revenue in the range of $1.10 billion to $1.14 billion. NetApp also said it expects adjusted earnings per share to be approximately $0.43 to $0.47 per share.

Wall Street expects the company to report earnings of 38 cents a share, on revenue of $1.03 billion.

“With 50% growth in product revenue this quarter, NetApp significantly outperformed the competition. With accelerating revenue growth every quarter, we culminated our fiscal year with record levels of revenue, earnings per share, and free cash flow,” Tom Georgens, NetApp president & CEO said in a statement. “The server virtualization and cloud computing trends are driving significant business for us, as our competitive advantages in those areas lead more customers to choose NetApp storage efficiency solutions for larger and larger data center projects.”

Shares of NetApp rose nearly $6.00, or 18.01 percent, to $38.27 in afternoon Nasdaq trading.

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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