Cloud and software services provider NetApp (NASDAQ:NTAP) reported double-digit revenue growth in its last reported quarter and surpassed consensus EPS estimates by more than 20%. So, will NTAP be able to maintain this impressive performance in the coming quarters? Read more to find out.Cloud-based software company NetApp, Inc. (NTAP), which is based in Sunnyvale, Calif., reported stellar earnings for its fiscal first quarter, ended July 30. Its net revenues increased 12.3% year-over-year to $1.46 billion. This can be attributed to a 16% rise in its product revenues and a 155% rise in its NetApp public cloud revenues. Its non-GAAP net income came in at $263 million, up 61.3% from the same period last year, and its non-GAAP EPS was $1.15, beating the $0.95 consensus estimate by 21.1%.
High demand for NTAP's industry-leading capabilities in the cloud space drove its performance in the last quarter. In addition, the company’s focused execution and demonstrated leadership have allowed it to emerge as a leading company in this space.
The stock has gained 7.8% in price since the earnings report was released on August 25. NTAP hit its 52-week price high of $91.29 on August 26.