NetApp starts off fiscal 2015 beating Q1 estimates, strong Q2 outlook

Summary:Wall Street was looking for earnings of 57 cents per share with $1.47 billion in revenue.

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NetApp launched its 2015 fiscal year with first-quarter earnings after the bell on Wednesday.

The network data storage provider reported a net income of $88 million, or 27 cents per share (statement).

Non-GAAP earnings were 60 cents per share on a revenue of $1.49 billion.

Wall Street was looking for earnings of 57 cents per share with $1.47 billion in revenue.

As Clustered Data ONTAP node shipments shot up by a whopping 177 percent annually, CEO Tom Georgens reflected on the quarter in prepared remarks:

More large enterprises are relying on NetApp to help them bridge the on-premises architectures of today with the requirement to leverage multiple cloud services in the future. Our best-in-class portfolio is driving momentum, enabling us to invest in continued innovation while delivering shareholder value.

For the current quarter, Wall Street expects NetApp to deliver earnings of at least 69 cents per share again with revenue at $1.53 billion.

NetApp followed up with Q2 revenue guidance of $1.49 billion to $1.59 billion with earnings between 66 to 71 cents per share.

Topics: Tech Industry, Apps, Big Data, Cloud, Enterprise 2.0

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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