NetApp delivers solid quarter, outlook

NetApp reported a better-than-expected third quarter as storage demand seems to be picking up.

NetApp reported a better-than-expected third quarter as storage demand seems to be picking up.

The company reported net income of $108 million, or 30 cents a share, on revenue of $1.01 billion. Non-GAAP earnings were $144 million, or 40 cents a share. Wall Street was expecting third quarter earnings of 38 cents a share on revenue of $954.5 million.

For the fourth quarter (statement), NetApp projected non-GAAP earnings of 42 cents a share to 44 cents a share on revenue of $1.07 billion to $1.1 billion. Wall Street was expecting earnings of 41 cents a share on revenue of $992.9 billion

Like EMC, NetApp is gaining from a rebound in storage demand and overall IT spending. NetApp CEO Tom Georgens said that the company delivered strong sales gains in all geographies and gained market share.