NetApp Results Surpass Estimates, Q2 Outlook Strong; Stock Up 12%

(RTTNews) - 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 last year.

Excluding items, adjusted earnings for the quarter were $0.29 per share compared with $0.60 per share a year ago.

Revenues for the quarter were $1.34 billion compared with $1.49 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.23 per share on revenues of $1.32 billion for the quarter. Analysts' estimates typically exclude special items.

For the second quarter, the company expects adjusted earnings of $0.55 to $0.60 per share on revenues of $1.40 billion to $1.50 billion. Analysts expect earnings of $0.46 per share on revenues of $1.39 billion.