NetApp Blows Past Estimates, Announces New CEO
SUNNYVALE, Calif. -- Storage company NetApp (NTAP) blew past analysts' estimates in its first-quarter results Wednesday, and, in a surprise move, announced that it has swapped out its CEO.
NetApp posted first-quarter revenue of $838 million, down 4% on the same period last year, but well above analysts' estimate of $828.3 million.
Excluding items, NetApp earned 22 cents a share on net income of $76 million, flat compared to the prior year's quarter, but comfortably beating analysts' estimate of 20 cents a share.
The company also announced that its COO Tom Georgens has taken the company's reins from Dan Warmenhoven, who now becomes NetApp executive chairman. In a statement, the firm described the move as a "planned transition" and explained that Warmenhoven will now build and expand NetApp's links with service providers and other technology partners.
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