NetApp Inc. (NASDAQ:NTAP) shares jumped more than 11% in extended trading Tuesday after the company beat expectations with its fiscal second-quarter results and issued promising guidance.
The data infrastructure company posted adjusted earnings of $1.58 per share on revenue of $1.56 billion, compared to expectations of $1.40 per share on revenue of $1.53 billion.
“We delivered another strong quarter, with revenue above the midpoint of our guidance and all-time highs for gross margins, operating margins, and EPS,” CEO George Kurian said in a statement.
NetApp projects its current quarter earnings to land between $1.64 and $1.74 per share and full-year earnings to be between $6.05 and $6.35 per share, up from previous full-year guidance of $5.65 to $5.85 per share.
The company also said it expects full-year revenue to fall 2% year over year, a smaller decline than the 3.5% projected by analysts as well as NetApp’s previous guidance of a “low-to-mid” single-digit decrease.
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