NetApp (NTAP) Stock Surges in After-Hours Trading on Earnings Beat
NEW YORK (TheStreet) -- NetApp (NTAP) - Get Report stock is soaring by 4.70% to $32.50 in after-hours trading on Wednesday, after the company's fiscal 2016 second quarter earnings results beat analysts' expectations.
The Sunnyvale, CA-based computer storage and data management company reported earnings of 61 cents per share.
Revenue declined to $1.45 billion, down from $1.54 billion for the year-ago period.
Analysts surveyed by Thomson Reuters were expecting the company to report earnings of 57 cents per share on revenue of $1.43 billion.
"Our Q2 results reflect the progress we are making to pivot NetApp for long-term growth in the data powered digital era," CEO George Kurian said in a statement. "We are moving forward with clarity and speed to better address the changing industry and improve our own execution."
NetApp projected its 2016 third quarter earnings at 66 cents per share to 71 cents per share.
Separately, TheStreet Ratings team rates NETAPP INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate NETAPP INC (NTAP) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and weak operating cash flow.
You can view the full analysis from the report here: NTAP
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