NEW YORK (TheStreet) -- Nimble Storage (NMBL) stock is advancing 22.09% to $8.97 on heavy trading volume on Wednesday morning after the flash storage solutions provider delivered financial results that topped estimates for the fiscal 2017 first quarter.
After yesterday's market close, the San Jose, CA-based company reported a loss of 24 cents per share, smaller than the loss of 26 cents per share that analysts were anticipating.
Revenue increased 21% year over year to $86.42 million for the quarter ended April 30, beating revenue projections of $84.57 million.
"We saw steady progress in larger deals greater than $250K, which were up 51% year-over-year, and continued growth in our customer base, which was up 48%," CFO Anup Singh said in a statement.
Additionally, Nimble Storage expects to report a loss of 19 cents to 21 cents per share for the fiscal second quarter, while analysts are anticipating a loss of 20 cents per share.
Revenue guidance was set at $93 million to $96 million for the second quarter, above estimates of $92.68 million.
So far today, 2.09 million shares of Nimble Storage have been traded, more than double its average daily volume of 874,421 shares.
Separately, Nimble Storage has a "sell" rating and a letter grade of D- at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing stock performance and feeble earnings per share growth.
You can view the full analysis from the report here: NMBL
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