Stock up over 25% since fiscal 2Q18 results
Storage technology firm NetApp (NTAP) has seen its stock price rise over 26% since the company announced its fiscal 2Q18 results on November 15. In fiscal 2Q18, the quarter that ended in October 2017, NetApp reported revenue of $1.42 billion with non-GAAP (generally accepted accounting principles) earnings per share (or EPS) of $0.81. Analysts expected NetApp to post revenue of $1.38 billion with EPS of $0.69.
NetApp beat analyst revenue estimates by 3% and EPS estimates by 17.4% in 2Q18. NetApp has attributed strong demand for storage solutions and a portfolio of new products for the revenue rise last quarter.
NetApp satisfied with 2Q18 performance
In fiscal 2Q17, NetApp reported revenue of $1.34 billion, indicating a YoY (year-over-year) rise of 6% for the firm. During the earnings call, CEO George Kurian stated, “I am very pleased to report another strong quarter with revenue above the midpoint of our guidance range and gross margin, operating margin, and earnings per share all above our guidance.”