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NetApp Rises on Q3 Beat

NetApp, the data storage specialist, beat analysts' third-quarter estimates, pushing the company's shares upwards.

SUNNYVALE, Calif. (

TheStreet

) --

NetApp

(NTAP) - Get Report

, the data storage specialist, beat analysts' sales and profit estimates in its

third-quarter results

, pushing the company's shares up in after-market trading.

NetApp reported revenue of $1.01 billion after market close, up from $746 million in the same period last year, and above Wall Street's estimate of $954.5 billion.

Excluding items, NetApp earned 40 cents a share, compared to 28 cents in the prior year's quarter. Analysts surveyed by Thomson Reuters had forecast earnings of 38 cents a share.

Investors responded positively to NetApp's third-quarter numbers. The storage specialist's shares rose 57 cents, or 1.78%, to $32.65 in extended trading.

NetApp signaled a much-improved IT spending environment during its

analyst day last year

, which is now happening. Set against this backdrop, NetApp gave bullish fourth-quarter guidance.

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The company, which competes with

EMC

(EMC)

and

Hewlett-Packard

(HPQ) - Get Report

, expects revenue between $1.07 billion and $1.10 billion, well above the $992.9 million predicted by analysts. Excluding items, NetApp forecast earnings between 42 cents and 44 cents a share, compared to the 41 cents forecast by Wall Street.

-- Reported by James Rogers in New York

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