NetApp Reports Higher Profit and Beats Estimates

   By Patrick Thomas

NetApp Inc. (NTAP) reported a jump in its second-quarter profit, benefitting from an increase in product revenue.

The Sunnyvale, Calif.-based data company reported a profit of $241 million, or 91 cents a share, compared with $174 million, or 63 cents a share, a year ago.

The company reported adjusted earnings of $1.06 a share. Analysts polled by FactSet were expecting earnings of 88 cents a share, or 99 cents a share on an adjusted basis.

Revenue rose 7% to $1.52 billion from $1.42 billion a year earlier. Analysts had expected $1.51 billion of revenue in the quarter. The company said product revenue jumped 11% for the quarter, accounting for $913 million in revenue.

The company guided for revenue of $1.55 billion to $1.65 billion in its third quarter, with earnings between 96 cents and $1.02 per share and adjusted earnings of $1.12 to $1.18 a share.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

November 14, 2018 16:39 ET (21:39 GMT)

NetApp (NASDAQ:NTAP)
Historical Stock Chart
From Mar 2024 to Apr 2024