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NEW YORK (TheStreet) -- Shares of Nimble Storage (NMBL) are up by 2.36% to $26 in after-hours trading on Tuesday, after the company reported its fiscal 2016 first quarter earnings results and posted better than expected earnings and revenue, which improved year over year.

For the most recent quarter the data storage provider said its non-GAAP net loss was $8 million, or a loss of 10 cents per diluted share. Analysts had forecast for a loss of 13 cents per share for the period.

When compared to the fiscal 2015 first quarter, Nimble Storage's earnings per share loss narrowed from a loss of 14 cents per diluted share.

Revenue for the latest quarter grew by 53% to $71.3 million versus the $69.77 million analysts were looking for.

"Our Q1 results serve as evidence of our continued momentum. During the quarter, we added 542 new customers, more than doubled our bookings from enterprise and service provider customers, and achieved record bookings contribution from current customers expanding their Nimble installations," company CEO Suresh Vasudevan said in a statement.

Separately, TheStreet Ratings team rates NIMBLE STORAGE INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate NIMBLE STORAGE INC (NMBL) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and feeble growth in its earnings per share."

You can view the full analysis from the report here: NMBL Ratings Report

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