NetApp Inc., the cloud management, storage and enterprise data provider, said Wednesday that it saw its third consecutive quarter of revenue and billing growth. “Going forward, we are uniquely positioned to address customer requirements for digital transformations as they deploy cloud workloads as well as maintain and modernize facilities,” said CEO George Kurian at a statement.
Despite beating expectations, NetApp NTAP, shares of + 3.23% fell 6.4% after hours, after rising 3.2% in the regular session to close at $ 71.57. The company reported fiscal third quarter net income of $ 182 million, or 80 cents a share, compared to $ 277 million, or $ 1.21 a share, in the same period last year. Adjusted earnings were $ 1.10 per share, adjusted for share-based compensation, acquisition integration taxes and more. Revenue increased to $ 1.47 billion from $ 140 billion in the prior year quarter. Analysts surveyed by FactSet had forecast earnings of $ 1.01 per share on revenue of $ 1.43 billion. NetApp expects fourth-quarter earnings of 78 cents to 86 cents per share on revenue of $ 1.44 billion to $ 1.54 billion, and adjusted earnings of $ 1.06 to $ 1.14 per share. Analysts had forecast $ 1.09 a share on revenue of $ 1.46 billion. NetApp shares are up more than 7% year-to-date and are up 28% in the last three months, compared to a 3.6% year-to-date increase for the S&P 500 Index SPX, + 1.14%.