NetApp reported strong first quarter results and delivered an outlook in line with expectations.
The company reported fiscal first quarter earnings of $64 million, or 23 cents a share, on revenue of $1.29 billion. Non-GAAP earnings were 46 cents a share.
Wall Street was expecting NetApp to report non-GAAP earnings of 36 cents a share on revenue of $1.26 billion.
NetApp has struggled in recent quarters amid storage market shifts to the cloud and solid state drives. NetApp has played well with hybrid cloud partnerships and has all-Flash products, but transitions take time. Fortunately for NetApp, the company has $4.4 billion in cash and equivalents.
For the second quarter, NetApp projected revenue between $1.26 billion to $1.41 billion with non-GAAP earnings between 51 cents a share to 56 cents a share.
CEO George Kurian said:
Our focus on disciplined execution of our strategy is yielding results and starting to change the trajectory of our business.
During the quarter, NetApp rolled out a series of flash storage products, rollouts from SolidFire and hybrid cloud moves.
Separately, NetApp named Jean English chief marketing office. English was most recently in charge of IBM's cloud marketing.