NetApp (NTAP) Stock Up On Q1 Earnings And Revenues Beat
Zacks Investment Research | Aug 17, 2016 10:15PM ET
NetApp Inc. (NASDAQ:NTAP) started fiscal 2017 on a strong note with better-than-expected results for the first quarter. Solid quarterly results boosted investor confidence, leading to the stock gaining approximately 7.5% in the afterhours trading session.
In the fiscal first quarter, NetApp’s adjusted earnings (including stock-based compensation but excluding amortization and other one-time items) of 28 cents per share beat the Zacks Consensus Estimate of 18 cents and witnessed a whopping seven-fold year-over-year jump.
On a GAAP basis, NetApp posted earnings of 23 cents per share. In the prior-year quarter, the company had reported a loss of 10 cents. The year over year strong bottom-line performance was mainly attributable to the company’s stringent cost control initiatives.
NETAPP INC Price, Consensus and EPS Surprise
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