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 NetApp ( NTAP) 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 Thomson Reuters. 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 Nasdaq.com. 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.
"We are pleased to report another quarter of solid performance throughout all areas of our company. Most importantly, Model S development and testing remain on schedule to commence deliveries by July of this year," the company said in a letter to shareholders posted on its Web site. The company also said it's received more than 500 reservation requests for its Model X cross-over vehicle, a blend of a minivan, SUV and sports car that was revealed last week, and that it's secured a deal with Daimler for the development of a Mercedes-Benz with a Tesla powertrain. The stock was last quoted at $34.35, up 2.2%, on volume of more than 100,000, according to Nasdaq.com. The shares were up 16% year-to-date based on Wednesday's regular session close at $33.60. Other big movers after the bell included Blue Nile ( NILE), whose stock dropped 22.5% to $32.44 on volume of nearly 1 million after the diamond and luxury jewelry seller reported fourth-quarter earnings of 30 cents a share on revenue of $112.3 million, falling well short of the consensus view for a profit of 42 cents a share on revenue of $123.2 million; Nvidia ( NVDA), whose shares lost 9% to $15.30 on volume of 1.3 million after the graphics chip maker forecast revenue of $900 million to $930 million for its fiscal first quarter ending in April, below the current analysts' view of $944.6 million; and Clearwire ( CLWR), whose stock fell 15% to $2.07 on volume of less than 700,000 after the provider of 4G wireless broadband services forecast an EBITDA
earnings before interest, taxes, depreciation and amortization loss of $250 million to $350 million for 2012 on revenue of $1.15 billion to $1.25 billion, below Wall Street's view for revenue of $1.37 billion. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.