American storage and data company NetApp Inc. (NASDAQ:NTAP) continued to perform positively for the second quarter after its earnings sent shares up by more than 10% on Wednesday’s after-hours trading.
During the previous quarter, NetApp also posted upbeat earnings report that exceeded most analysts expectations. The company’s net income was up to $136 million compared to their net income of $64 million from the same quarter last year while their revenue rose by 2% to $1.33 billion compared to the year-ago quarter.
NetApp’s second fiscal quarter earnings revealed a net income of $223 million for the company. Earnings of NetApp was also at $0.81 per share beating most Wall Street expectations of $0.69 per share. The revenue of the company of $1.42 billion also exceeded most revenue estimates of $1.38 billion for the second fiscal quarter.
George Kurian who serves as NetApp’s chief executive officer commented on the strong operating results of the company especially on both the top and bottom lines as the company introduced a number of industry-leading innovations that allowed NetApp to position themselves for a long-term growth as well as the expansion of their leadership position in the market’s growth segments.
"Our strong performance was driven by excellent execution and reflects our customers' clear and growing preference for the value of our Data Fabric strategy. We are winning because we enable our customers' success through data," added Kurian.
NetApp’s net revenues grew 6% year over year from $1.34 billion from the previous quarter to $1.42 billion. Compared to the company’s cash operations of $158 million from the same quarter last year, NetApp has $314 million for this quarter. The company also posted a total of $204 million its shareholders during the quarter through share repurchases and cash dividends.
For the coming third quarter, NetApp posted their net revenues to come at a range of $1.425 billion to as much as $1.575 billion while their non-GAAP earnings are expected to come at $0.86 per share to $0.94 per share.