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NetApp Tops Expectations for Q1 Earnings, Revenue

Published 08/16/2017, 04:45 PM
Updated 08/16/2017, 04:45 PM
© Reuters. NetApp Tops Expectations for Q1 Earnings, Revenue

Investing.com - NetApp Inc (NASDAQ:NTAP) released its first quarter results after closing bell on Wednesday. The company topped expectations for both revenue and earnings.

The company earned 62 cents per share on $1.33 billion in revenue. Analysts had called for earnings of 55 cents per share on revenue of $1.23 billion.

Product revenues were up 10% on the year to $723 million, software maintenance revenues were down 3%. Hardware maintenance and other services revenues were down 6% to $368M million.

Non-GAAP gross margins by segment: Product, 49.9%; Software Maintenance, 97%; Hardware Maintenance and Other, 70.1%.

For the second quarter, the company is guiding for revenue in the range of $1.31 billion to $1.46 billion and EPS of $0.64-$0.72. The consensus expectation is for earnings of 70 cents on revenue of $1.37 billion.

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