NetApp Q2 results solid, outlook in line

NetApp CEO says the company is executing better as the company delivers a solid second quarter and outlook for the third quarter.
Written by Larry Dignan, Contributor

NetApp's second quarter results may be indicating that the company has made progress rebounding in the storage market.

The company reported second quarter earnings of $114 million, or 39 cents a share, on revenue of $1.45 billion. Non-GAAP earnings for the second quarter were 61 cents a share.

Wall Street was looking for second quarter earnings of 57 cents a share on revenue of $1.43 billion.

NetApp also said its third quarter will be roughly in line with Wall Street expectations. The company projected third quarter non-GAAP earnings of 66 cents a share to 71 cents a share and revenue of $1.4 billion to $1.5 billion.

Analysts were modeling earnings of 69 cents a share on revenue of $1.48 billion.

CEO George Kurian said the second quarter results highlight "the progress we are making to pivot NetApp for long-term growth in the data powered digital era." Kurian added that NetApp is executing better and has delivered on the product front and notched customer wins.

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