NEW YORK (TheStreet) -- Shares of NetApp Inc. (NTAP) are higher by 2.01% to $40.09 in after-hours trading on Wednesday, after the company reported an increase in GAAP net income for the first quarter of fiscal 2015 to $88 million, or 27 cents per share, compared to $82 million, or 23 cents per share for the year ago period.
The storage systems and data management solutions provider said net income on a non-GAAP basis grew to $198 million, or 60 cents per share for the most recent quarter, from the $192 million, or 53 cents per share posted for the fiscal 2014 first quarter.
However, NetApp said net revenue for the latest quarter declined to $1.49 billion from $1.51 billion for the same period last year.
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Separately, TheStreet Ratings team rates NETAPP INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NETAPP INC (NTAP) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, notable return on equity and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."