NetApp's Q1 solid as outlook raised

Summary:NetApp projected second quarter earnings to be 23 cents a share to 28 cents a share on revenue of $1.5 billion to $1.6 billion. Non-GAAP second quarter earnings will be 45 cents a share to 50 cents a share.

NetApp reported strong first quarter results raised its outlook.

The storage vendor reported first quarter earnings of $64 million, or 17 cents a share, on revenue of $1.44 billion, down from $1.46 billion a year ago. Non-GAAP earnings were 42 cents a share.

Wall Street was looking for first quarter earnings of 38 cents a share on revenue of $1.46 billion.

As for the outlook, NetApp projected second quarter earnings to be 23 cents a share to 28 cents a share on revenue of $1.5 billion to $1.6 billion. Non-GAAP second quarter earnings are expected to be 45 cents a share to 50 cents a share.

Analysts were expecting NetApp to report second quarter earnings of 46 cents a share on revenue of $1.53 billion.

In the first quarter, NetApp rolled out a new version of its storage operating system and bolstered partnerships with Cisco and Microsoft. The company also unveiled a new system for midsized customers.

NetApp ended the quarter with cash, cash equivalents and investments of $5.44 billion. Product revenue was $898 million in the first quarter with software and maintenance adding $218.5 million. Service revenue was $328.1 million.

Topics: Storage, Data Centers, Hardware

About

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CN... Full Bio

zdnet_core.socialButton.googleLabel Contact Disclosure

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.