NetApp Q1 strong as all-flash business gains traction

NetApp put together a solid first quarter and appears to be executing well.

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NetApp's fiscal first quarter earnings were better than expected as its all-flash array business hit an annual run rate of $1.5 billion.

The company reported first quarter earnings of $136 million, or 49 cents a share, on revenue of $1.33 billion, up from $1.29 billion a year ago. Non-GAAP earnings were 62 cents a share.

Wall Street was looking for first quarter earnings of 55 cents a share on revenue of $1.31 billion.

CEO George Kurian said that the company is executing well and getting a boost from all-flash arrays and converged infrastructure. In the first quarter, the Americas accounted for 55 percent of revenue with EMEA and Asia Pacific accounting for 30 percent and 15 percent, respectively.

As for the second quarter outlook, NetApp projected revenue between $1.31 billion and $1.46 billion with non-GAAP earnings of 64 cents a share to 72 cents a share.

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