Updated from 4:49 p.m. ET to include latest share prices, additional information about Blue Nile, Nvidia, and Clearwire.
NEW YORK (
TheStreet) -- Shares of
(NTAP - Get Report) surged in late trades on Wednesday after the Sunnyvale, Calif.-based provider of storage and data management technology products posted in-line results for its fiscal third quarter and gave a solid outlook.
The company reported a non-GAAP profit of $216 million, or 58 cents a share, for the January-ended period on revenue of $1.57 billion, matching the average estimate of analysts polled by
For its fiscal fourth quarter ending in April, NetApp sees non-GAAP earnings of 60 to 65 cents a share on revenue ranging from $1.65 billion to $1.73 billion. Wall Street's current consensus view is for a profit of 63 cents a share in the current quarter on revenue of $1.68 billion.
The stock was last quoted at $43.25, up 8.6%, on volume of 4.6 million, according to
. Based on a regular-session close at $39.88, the shares are up 8% so far in 2012.
"More and more customers are leveraging storage virtualization to re-architect their data centers in order to gain efficiency, flexibility and cost savings, and NetApp provides the most compelling value proposition in the industry for both private and public cloud deployments," said Tom Georgens, the company's president and CEO, in a statement. "Our success is evident in our results, as NetApp won a record number of new customers, significantly increased our units shipped -- including a record number of high-end systems, and saw solid revenue growth across almost all geographies in our third quarter."
The sell side was semi-bullish ahead of the report with 20 of the 36 analysts covering NetApp at strong buy (6) or buy (14), and the median 12-month price target at $45.50.
Check out TheStreet's quote page for NetApp for year-to-date share performance, analyst ratings, earnings estimates and much more.
(TSLA - Get Report)
was surging in the extended session with the electric car maker reported
slightly better than expected revenue in its fiscal fourth quarter
and said it remains on track to begin deliveries of its Model S vehicles by July.
The company posted a non-GAAP loss of $72 million, or 69 cents a share, in the latest three months with revenue totaling $39 million. The average estimate of analysts polled by
was for a loss of 63 cents a share in the quarter on revenue of $38.5 million.