NetApp 3Q earnings up 32 percent
Data storage company NetApp Inc. said Wednesday that its net income rose 32 percent in the latest quarter, as it kept costs in check while revenue inched up.
The Sunnyvale, Calif., company also provided a profit range for the new quarter that stretched above the analyst forecast.
In the fiscal third quarter, which ended Jan. 25, NetApp's net income rose to $158.1 million, or 43 cents per share, from $119.6 million, or 32 cents per share, a year ago. Excluding the cost of stock-based compensation, amortization of intangible assets and non-cash interest expenses, the company made 67 cents per share.
Revenue was $1.63 billion, up 4 percent from a year ago.
Analysts expected adjusted earnings of 56 cents per share and $1.62 billion in revenue, according to FactSet.
The company said its adjusted net income will be 65 cents to 70 cents per share in its current quarter, with revenue at $1.7 billion to $1.8 billion.
Analysts estimated net income of 65 cents per share and revenue of $1.75 billion on average.
NetApp shares rose 8 cents to $35.90 in extended trading after the release of the results.